By Chris Becker
Markets had a strange little bounce overnight, helped by poor economic data from the US, with industrial production and advanced retail sales falling more than expected. This was translated into a “oh, maybe the Fed will hold next week” on interest rate rises and lifted risk, helped along by an iPhone 7 inspired rally in Apple shares. Maybe no-one got the message that stocks should be falling and re-rated because of no headphone jack?
Recapping Asia’s session yesterday, where the Shanghai Composite was closed due to a holiday, and will remain so today as well. Just as well because there is no one around buying stocks as it sits on terminal support at 3000 points. If it breaks we’re going down to the May/June lows at 2850 or so:
