by Chris Becker
A Turkey shoot overnight translated to a wobbly session in European stocks while oil spiked alongside other commodities as US dollar strength. Yesterday’s data dump began with a firming Japan manufacturing PMI that put a bid underneath Yen, while in the US consumer confidence slumped even as house prices registered solid gains in the face of fairly tepid rises in personal consumption expenditure. We’ll get a clearer picture tonight with durable goods orders, particularly the internals, but it looks almost certain the Fed will follow through with its threat for a rate rise next month. Maybe even 0.25%!
Recapping Asia’s session, where the Shanghai Composite had a very timid session and finished up 0.2% to just above 3600 points. I’ve been saying for awhile that the daily chart looks set for lift off here, with congestion around that level but this is getting tedious!
The full text of this article is available to MacroBusiness subscribers