Macro Morning (China rocket)

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By Chris Becker

Risk markets were mixed last night with European stocks surging on continued QE from the ECB while US stocks slipped as Apple’s stomping quarterly result could not overshadow poor industrial and biotech earnings reports. A solid but poorer than expected services PMI for April also weighed, as oil took another breather in its recovery and precious metals surged in London.

Recapping Asia’s yesterday, the Shanghai Composite is sucking in all the late comers, up 3% as its bubble froths higher – this is going to end REALLY well! Now up 40% since the start of the year – what a run! The Hang Seng was up 1.3% and the ASX200 had a good day on an iron ore short squeeze, up 0.8% with SPI futures pointing to a modestly higher open.

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