Macro Morning

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By Chris Becker

European bourses were shaken up overnight as the Catalan independence issue in Spain overspilled into wider Euro concerns, the union currency rallying strongly against the USD as a result. US stocks returned to full strength after Columbus Day, surging to new highs even as the chaotic White House tax reform agenda seems unlikely to get going before the Christmas break.

Recapping Asia yesterday first where in mainland China the Shanghai Composite had a mixed session before finally closing up 0.14% to 3379 points after yesterdays solid move higher. The daily chart is showing the previous gap higher and yesterday’s session is pulling reluctant bulls up to the clear resistance level at 3400 points:

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