By Chris Becker
A wave of economic data and catalysts hit risk markets overnight with steady German unemployment and EZ-wide CPI firming Euro, helped slightly by the soothing tones of Super Mario giving a speech in Madrid. European stocks were cautiously optimistic as the tide moved across the Atlantic with US stocks not so sanguine, as the closely watched PCE print didn’t inspire any risk taking. The big news however was the OPEC decision in Vienna to make actual production cuts across the cartel – and even outside – with all the big producers deciding to limit their output. This sent oil soaring of course, with the major markers up nearly 9%!
Looking at Asian stocks first, where the Shanghai Composite fell 1% even yesterday on the back of the Dalian limit down session in commodities, finishing at 3250 points. The target of 3400 points remains in sight, but the trend channel needs to be watched closely for signs of wavering with support at 3140:
