By Chris Becker
A somewhat confusing picture overnight as the US Biege Book, an indicator of economic strength, showed moderate regional growth across the US after the poor first quarter, while the US services PMI expanded but not as strongly as anticipated. Combined with the ruckus from ECB President Draghi and his nonchalance attitude towards bonds, we’ve seen a reversal in USD strength and uplift in stocks.
Recapping Asia’s yesterday, where the Chinese markets had a breather, the Shanghai Composite closing where it started at 4909 points, while the Hang Seng was bid up 0.7% as the short vultures start to circle awaiting the opportunity to pop these bubbles.