Macro Morning (nerves)

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by Chris Becker

After an ebullient Friday night, risk markets were nervous on the Monday morning gap with modest falls in Europe and scratch sessions in US bourses as bonds sold off and even the USD was left wanting. Following the Chinese PMIs, the only economic release of note was the ISM Manufacturing result for January, which came in a little less than expected and still contracting.

Recapping Asia’s session start to the week where the Shanghai Composite is still trying to get out of crash mode and unable to make good on Fridays rally, falling nearly 2% yesterday to 28. Price must come up above terminal support at 2900 points and close above there but we’re running out of time as the Chinese New Year approaches as everyone exits, stage right:

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