by Chris Becker
A mixed night in risk markets with Europe reeling from a stronger than expected German CPI and poor German bank stock earnings, while US earnings surprised on the upside while durable goods orders slumped for December. The market preferred the former and bid US stocks up and sovereign bonds across the curve, especially German bunds on the CPI print. Gold took a small dive while crude oil continues its bear market rally, with both markers up over 4% overnight.
Recapping Asia’s session yesterday where the Shanghai Composite remains in full crash mode, falling another near 3% down to 2650 points. Price must come up above terminal support at 2900 points and close above there but we’re running out of time as the Chinese New Year approaches as everyone exits, stage right:
