By Chris Becker
A dovish Fed didn’t rock markets overnight with the rebound in the US dollar continuing while oil rose on falling DOE inventories and stocks were flat or mixed across both sides of the Atlantic. Bond markets were generally poor, with the majors all losing 4-6 basis points although US 10 year Treasuries rallied on the Fed minutes, finishing at 2.25%
Recapping Asia’s action from Wednesday, the Shanghai Composite had a small up day continuing its rebound, up 0.6% to 4440 points even as iron ore continues to fall. In Japan, the weaker Yen kept the fires burning locally with the Nikkei 225 up nearly 1% again and back to its late April where I’m waiting for a breakout here:
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