By Chris Becker
A rebound in US share prices overnight was helped by more dovish than hawkish comments coming from Federal Reserve members but more so in the relief that Chinese share markets and economic data will be closed for business for the rest of the week. Some semblance of lower volalitilty returned to bond markets as well as commodities with oil rising 2% and gold remaining steady.
Recapping Asia’s session, where Chinese authorities stepped in again late in the afternoon in an epic bid that saw a 4% loss turn into a scratch finish on the Shanghai Composite ahead of a two day shutdown. Its all getting to be a bit predictable and foreign investors are turning away from this obviously rigged market.