Macro Morning (Shanghai cracks)

By Chris Becker

A dovish Fed continues to vie with the Greek drama, with no resolution over the weekend. US stocks finally got out of their funk for the week, although Friday’s session was muted as the US dollar took a breather in its downtrend. Bond markets rallied, including Greece’s, with the US 10 year snapping back to 2.26%, a new intra-month low after almost hitting the 2.5% on fears of a bond rout.

Recapping the session in Asia on Friday, where the Shanghai Composite had finished off the week on a stinker, losing over 6% on the day, down over 13% for the week, crushed through support/former resistance at 4500 points.