Macro Morning (ECB QEasy)

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By Chris Becker

European stocks led the rebound overnight as the ECB “revamped” its QE program – more debt shuffling – pushing all bourses up 2-3%. This faded after the close in futures trading as US stocks limped through a tepid session where initial jobless claims came in a little higher than expected while interest rate futures pushed the Fed rate hike back once more. Commodities were mixed, although copper surged nearly 3% while gold faltered out of its sideways funk. 

Recapping Asia’s session, where Chinese stock markets are closed, in Japan, the Nikkei 225 rose another 0.4% for the day, even as Yen remained steady. Momentum is still on the negative side with a head and shoulders bearish pattern almost complete here:

Nikkei225H4

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