By Chris Becker
The ebullient mood in Asia did not translate into similar gains across the continent nor in the US to finish another volatile week on world markets. The exception was the NASDAQ which extended its record high on some good Google earnings news. Construction figures for June were better than expected and no change in official headline or core CPI in the US was interpreted as good news too.
Recapping the Friday session in Asia first, where the dead cat bounce in the Shanghai Composite has been transformed into a paper tiger by virtue of government market intervention. The mainland bourse lifted 3.5% continuing the bounce of terminal support but still just below the 4000 point resistance level. This needs to be cleared and a new weekly high made before getting too excited at the prospect of a proper re-inflation:
