by Chris Becker
All the market action was in Europe overnight as stock and bonds were heavily bid on the rebound from the Turkey-Russia tensions, while US stocks tread water leading up to Thanksgiving season and Black Friday. Treasuries were unchanged even as initial jobless claims firmed to a four decade low as durable goods orders came in much higher than expected. Its almost a dead certainty now we’ll see a rise from the Fed next month on the back of these solid economic reports, which will mean the end for commodities, especially industrial metals – now at a near six year low – and emerging markets continue to crater.
Recapping Asia’s session, where the Shanghai Composite is looking like breaking free out of its congestion zone around 3600 points, where it lifted nearly 1% to 3647 points. Yesterdays action is not yet on the chart but we’re looking at a potential run up to 4000 points here:
