By Chris Becker
Friday night saw a slew of economic releases hit risk markets with manufacturing PMIs on both sides of the Atlantic the more important ones. Germany and Europe’s manufacturing sector (but I repeat myself) surprised on the upside although combined with a weaker Euro is giving little respite to its respective stock markets. The US print was firm too, which sent tech stocks higher, pushing up the NASDAQ and dragging the S&P higher even as the stronger USD weighed. The major currencies are at their breaking point against King Dollar which is the theme of todays Trading Week version of Macro Morning.
Recapping Asia first where the Shanghai Composite closed the week very weak, a near 1% loss on Friday sending the Chinese bourse to just above 3000 and still unable to clear the 200 day moving average. I’ve been saying for awhile that a reversal will arrive here soon on on the lack of momentum with price rolling over below the 3000 point level as the key trigger:
