By Chris Becker
Risk markets flopped last night even as German unemployment went down, UK GDP surprised on the upside but EZ CPI indicated a further slip into deflation across the continent. The moves down were probably end of month and quarter repositioning with no macro or central bank talkfests catalysts providing an answer.
To recap Asia’s moves in yesterday’s session, the Chinese bourses took the day off, with the Shanghai Comp down 1% after hitting a new seven year high intrasession, while the Hang Seng treaded water. Big opportunity here for the brave shorters, but remember stock bubbles can extend another 20-50% after even everyone agrees its a dangerous bubble..