By Chris Becker
Oil has surged past significant resistance alongside US stocks where the earnings season has surprised on the upside, as the ECB held its fire last night in its meeting last night, protests aside. This should translate into a bullish day here in Asia after the poor Chinese GDP print.
Recapping those moves yesterday, the GDP print was at first headline good but then internal bad which sent stocks falling in China and its satellite bourses in Australia and NZ. The Shanghai Comp fell over 1% but is still above 4000 points while the Nikkei was again basically unchanged and still just below the 20,000 point barrier.