By Chris Becker
Risk markets are cautious before Fed Chair Janet Yellen gives a speech at the Jackson Hole, Wyoming conference later today with US stocks slipping overnight and setting the mood in Asia today. The race to Treasuries has also effected European bourses and gold, which slipped to a new daily low again. Oil pipped above $47USD per barrel again on news Iran will participate in the next OPEC meeting as the USD lost ground against the majors even as the Durable Goods order for July came in stronger than expected.
The Shanghai Composite fell out of bed yesterday, down 0.6% to 3068, seemingly on its way to its support level at 3000 points. The market needs to clear the previous daily high but in unable to get traction:
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