By Chris Becker
The fallout from Friday nights non-farm payroll print in the US continues and renewed stress about a Greek default pulled stocks down around the world as Australia had a holiday. American and European stocks are now hitting new lows, putting paid to the “Sell in May” principle as summer seems a better proposition than trading or owning risk in the Northern Hemisphere.
Not so in northern Asia, where after cracking through resistance at 5000 points the Shanghai Composite has burst through to the other side proving bubbles can run further than anyone can possibly imagine. It rose more than 2% or 100 points to 5107 points yesterday although todays CPI print may weigh.