By Chris Becker
More solid earnings results lifted all boats in US stocks overnight with a sell off in 10 year Treasuries almost sending them back to a 2% yield with no economic news from Europe making for a mixed session on the continent. The US dollar only had an impact on gold, which slumped 1.5%, euro steady retracing after a breakout while Cable actually had some legs the only major to make any ground against “the King”.
First let’s recap the generally good moves in Asia yesterday, except on the local bourse of course with the ASX200 down 0.6% although SPI futures are pointing to a Wall Street mirror gap up this morning which maybe shortlived. In China there’s no stopping the bubble with the Shanghai Comp gaining another 2% to 4400 points, now up 1000 points since mid-March:
