By Chris Becker
US stocks sold off as oil prices fell, pushing energy stocks down, following a poor lead from European bourses overnight. The ISM manufacturing print came in strong as expected, which gave the USD a push higher, sending Pound Sterling particularly lower although Euro was stable, but commodity prices were pushed down. This middling effort by risk will likely see a lack of confidence in Asia today, with all eyes on the RBA to pull the rate trigger cut this afternoon.
Recapping Asia’s session yesterday first where the Shanghai Composite took another tumble yesterday, down almost 1% to close at 2953 points, well below the critical support level of 3000 points. This rollover shows the end of the bear market rally that didn’t even touch the 200 day moving average as we head back down to 2800 points:
