By Chris Becker
After an enormously bullish Asian session, European and US traders quickly hit the reverse lever as a new jobs report, indicating a record number of non-farm job openings in the US, pushed forward the interest rate hawks claims and thus squashed the stock market bulls. Yes, its an animal house out there! There was no rush to safety in bonds, which also fell on the report, as US stocks dropped 1.5% and European stocks only just closed in the green. Commodities were hit too with gold falling to just above $1100USD per ounce and oil dropped 4% on a larger than expected oil inventory report.
Recapping Asia’s session, where the Shanghai Composite lifted nearly 100 points again or to 3240 points, firming nicely above the terminal support line. It still has not been able to clear the recent five day high so I’m not getting excited here yet as this looks stage managed at best:
