by Chris Becker
It was a case of slippage that ruled risk markets overnight, perhaps as the world’s elite sold off some stocks to build up the cash reserves in the wake of the Panama Papers. Commodities were the biggest losers overnight, even as the USD weakened, with oil breaking down further and copper continuing its losing streak, indicating that industrial demand is not as robust as though. In the US the February durable goods and factory orders prints also slipped into negative, although this was considered a seasonal response.
Recapping Asia’s session yesterday where the Shanghai Composite sunk in the open but recovered post lunch to remain around the 3000 point level, in another unconvincing in its attempt to breakout above resistance. This congestion is getting tight though:
