Macro Morning

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By Chris Becker

The USD led the charge overnight as advanced retail sales surprised to the upside, sending bond yields higher on even firmer expectations of another rate hike from the Federal Reserve before the year is out. Stocks were relatively flat in the US as a result, while European bourses advanced on good economic data, with German GDP advancing stronger than expected.

Yesterday in mainland China the Shanghai Composite continued its comeback although its slightly deflating going into the close, up 0.2% to 3243 points, keep temporary support at bay at the 3200 point level. That level needs to hold as this rally seems nearly finished with a sideways jig between it and 3300 likely in the week ahead:

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