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!
