by Chris Becker
Friday’s session in the US was characterised by profit taking as apart from the European CPI prints, there was no large economic prints to move markets. US stocks fell around 0.5% but putting that in context the “bad” month of October clocked in 7-8% gains with European bourses doing even better. The USD weakened somewhat against the majors while gold continued to slip as oil rose on the back of a slightly less than expected oil rig count in the US as the bond market effectively remained asleep with no major moves in yields.
Recapping Asia’s Friday where the Shanghai Composite slipped a little and maintained resistance around the 3400 point level. We could see a breakdown later today if the manufacturing PMI disappoints, as this upmove looks quite weak on all indicators:
