By Chris Becker
Caution on risk markets in Asia transferred to Europe last night at first, but were alayed as German CPI came in bang on target – i.e two fifths of nothing. All the noise was in Vienna with the rabble called OPEC as the Iranians rejected any calls for cuts, and the Saudis demanding other oil producers get in line with whatever they wanted. This sent oil and energy stocks down but US markets recovered at the end of their session as bonds calmed and the USD continued its consolidation against other major currencies.
Looking at Asian stocks first, where the Shanghai Composite had an okay session, finally closing up 0.2% to 3280 points. My next target at 3400 points remains in sight, but watch the trend channel closely for signs of wavering with support at 3140:
