By Chris Becker
The risk trade faced a triple whammy overnight with the Trump chaos, a Fed hellbent on raising rates and the North Koreans doing their normal bat-shit crazy distractionary brinkmanship. This led to a big selloff in US stocks as the USD was also abandoned by all and sundry. Todays session in Asia will likely be a sea of red, but not nuclear, as confidence fairies disappear everywhere.
Looking at what happened yesterday first, the Shanghai Composite was just floating above a nominally positive session after the long lunch break, closing at 3261 points, only up 0.3 % and unable to build momentum above local support at 3200 level. The former high at 3300 points remains the target here but these fits and spurts are not confidence inspiring:
