By Chris Becker
The Trump rally continues to build as anticipation also bids for a fiery address to Congress from the US president later tonight. US stocks put on another record high while European bourses were dragged up similarly while continental bonds sold off slightly as US Treasury yields moved higher on the risk on mood. Commodities were mixed again with oil nudging slightly higher and gold dropping on a stronger USD.
Looking at Asia’s session yesterday, where the Shanghai Composite lost ground quickly after the lunch break, finally closing down 0.7% or 10 points to be at 3228 points, unable to build on its recent rally. The 2016 high at 3300 points is still in sight, but this retracement to 3200 is to be expected as momentum was overdone. Watch for swing back to the high moving average:
