Macro Morning

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By Chris Becker

The fallout from Brexit continues with stock markets falling on both sides of the Atlantic, ignoring the positive lead from Asia. As I contended yesterday it was going to be words from the actors in this saga that push markets around, not deeds, with a crash meeting between Merkel, Hollande and Italian President Mario Renzi last night, plus the ever insightful German Finance Minister Wolfgang Schaeuble not imbibing confidence claiming the banks remain “under pressure” and “it’s not all good.” Helicopters with money are incoming? Commodities remain mainly benign on the volatility with copper rising, gold steady as the Minsky Metal and oil slipping.

Recapping Asia first where the Shanghai Composite took back its Friday losses, gaining 1.5% and almost above 2900 points. No signs of a breakout yet though, and todays session with the lead from Wall Street will probably weigh again:

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