By Chris Becker
Yet another mixed night on global risk markets with the froth in stock market bubbling over as the US dollar lost strength amid a poor March retail sales print for American consumers. Greek bonds slumped as a new round of talks begins again with both parties still in a deadlock which saw a rally in US and German 10 years. Commodities were mixed as well as energy rallies while gold fell alongside the USD and remains below the $1200USD per ounce level.
Recapping the Asian session from yesterday, the epicly bubbled Chinese markets diverged with the Hang Seng reversing half of its previous gains, down 1.6% while the Shanghai Comp rose slightly now at 4130 points. I still consider this a repeat of the Nikkei 1989 peak in the Japanese stock market bubble, but like all manias (don’t kid yourself that this, or any other market is “rational”) it could extend another 25 or even 50% from here!