Advertisement
By Chris Becker
A solid retail sales number plus a better than expected weekly initial jobless claim print in the US overnight gave markets an excuse not to press the sell button, even as the IMF left Brussels with no further moves by the Greek negotiating team. Bond markets rallied much harder than stocks which are losing momentum as the USD continues to weaken.
First, recapping Asia, the Shanghai Composite eked out a small yesterday absorbing the May CPI data prints, continuing to consolidate above the new 5000 point support level. In Japan, the Nikkei 225 rose strongly, breaking the normal correlation with the Yen, up 1.7% and bouncing strongly off support:
Advertisement
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
Advertisement