By Chris Becker
Its all about waiting for tonights US unemployment print as this will indicate the direction and magnitude of risk taking for the rest of the month, going into October 28’s Fed meeting. Oh and starting the quarter anew as well! Following the staid Chinese PMIs, initial jobless claims and the ISM manufacturing PMI in the US rescued a dour session that was down more than 1% and then finished with a scratch result. European stocks were very mixed with most falling as European sovereign bonds were bid across the curve and continent. Oil had a wild night, probably due to month end/start repositioning, with a false breakout before finishing where it started while gold did nothing.
Recapping Asia’s session, where the Shanghai Composite was closed for a holiday. The daily chart is still limping along above terminal support at 3000 points:
