By Chris Becker
The ECB sung a Spice Girls tune last night, putting paid to rumors that more stimulus was on its way, with President Mario Draghi offsetting the impact of Brexit to a later decision on firing up the helicopters. US stocks fell but European ones were stable as the USD was slightly sold off and Treasury yields fell. In currencies, the impact of the non-ECB action was barely felt by the Pound and Euro with the former still bouncing and the latter finishing the day where it started. Gold has put on a nice rebound while oil prices fell as summer drawdowns in the Northern hemisphere have been less than expected as supply stocks rise.
Recapping Asia first where the Shanghai Composite finally put on a positive session, gaining 0.4% to finish at 3039 points, but still unable to clear the 200 day moving average. I contend a reversal will arrive here soon on on the lack of momentum with price rolling over below the 3000 point level the key trigger:
