By Chris Becker
Energy and industrial US stocks dragged down the rest of the risk complex, with European shares selling off as Bunds and peripheral bonds continued their selloff in the wake of a much stronger USD. Markets continue to weigh up the fallout of the Trump card presidency with interest rate rises all but baked in for December from the Fed.
Looking at Asian stocks first, where the Shanghai Composite had another pause yesterday, falling a few points back to 3205, having been overbought recently on its new bear market rally. My next target at 3400 points is still in sight, but a pullback to previous resistance, now support to 3140 or so would be normal:
