By Chris Becker
The US Labor Day holiday combined with the ongoing G-20 meeting translated into not much action on markets last night with the only movement in oil as speculation continued about a potential production freeze from the Saudis. This is just talk for now, with the Russians also gasbagging but not doing much else to arrest the speculation. European stocks slipped even though UK services PMIs and EZ wide retail sales data firmed. The USD had another breather with no traders in NY pushing the crosses around, with Pound Sterling the clear winner as Yen remained stable.
Recapping Asia’s start to the week, where the Shanghai Composite finished the Monday session up only a few points, still unable to gain any traction. We need to see a breakout above recent daily highs for this melt up to turn into anything significant soon, with support at 3000 points the point of control:
