Macro Morning

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By Chris Becker

Stocks at first rallied overnight on a generally good Asian lead, with European markets closing higher before a selloff in US tech stocks overshadowed the gains by the Republican, I mean industrial stocks most likely to receive a benefit from the GOP tax cuts. Brexit talks broke down in Brussels which rattled the Pound slightly, but it was a quite night in currencies, overall.

Recapping Asian markets yesterday where in mainland China the Shanghai Composite had another bad start to week, closing down 0.3% to be just hanging on to support above the 3300 point level. The daily chart showed a reversal of momentum to the negative side, where I’d expect further falls if 3300 is taken out:

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