By Chris Becker
The Bank of England held rates at 0.5% but the combined strength of the BOJ helicopter money threats and the Fed holding off on its interest rate agenda sent bank stocks on both sides of the Atlantic soaring, bonds and Yen falling as the post-Brexit reflation rally is almost complete. Commodities were dragged along, although WTI oil remains stuck at the $45USD barrel level and gold was sold off again as its “too-fast” rally reverts to the mean.
Recapping Asia yesterday and the Shanghai Composite slipped at the close to 3050 points, still above resistance at 3000 points. The 200 day moving average remains in sight as is the March high with 3400 points the target for this move:
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