By Chris Becker
A tale of woe and disappointment last night respectively from the Euro and Apple, Microsoft and Yahoo earnings, which saw Apple stock tumble over 6% dragging down the US bourses. Earnings season is starting to really weigh, with expectations of lower profits than the previous quarter not as bad as thought, but still telling. Bonds were slightly sold off in Europe, alongside some dour selling in stocks as Euro soared against the USD breaking its downtrend.
Recapping Asia’s session, where the Shanghai Composite gained 0.6% and rose above the 4000 point resistance level. As I mentioned yesterday this needed to be cleared and a new weekly high made before getting too excited at the prospect of a proper re-inflation of this spectacular bubble.
