Macro Morning

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by Chris Becker

It will be an interesting morning here in Asia as the rally in US stocks on Friday night looks set to confuse the shorts and embolden the bulls looking for dips. Factor in a very disappointing industrial profits number from China on the weekend (lowest in two years) and the ongoing riots in Hong Kong as well.

Here’s a recap of what happened. First, the S&P500 bounced back, popping up nearly 20 points on the futures possibly on some good Michigan confidence numbers and an upwardly revised GDP print (very “good” at 4.6% annualised, thumping Australia), but more likely on short covering going into the weekend:

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