By Chris Becker
A rally in oil sparked by Russian President Vladimir Putin that he may consider a production freeze or cut, lifted US stocks out of their holiday stupor with the USD firming as bets on a December rate rise firmed. European stocks did even better, absorbing a shoddy start from Asian bourses while gold remained depressed.
Recapping Asia’s session yesterday, where the Shanghai Composite reopened after a long break shooting out of the gate up 1.5% to 3048 points, clearly moving away from hesistation around support at 3000 points. Momentum remains negative and price below the 200 day moving average, so don’t get too excited:
