By Chris Becker
Finally some decent downside volatility with stock markets on both sides of the Atlantic putting in 1% losses overnight. Treasuries are selling off as well as yields move higher, now at 2.73%, with commodities also falling. European CPI came in a little less than expected last night, while GDP growth was on target, the first in a slew of major releases this week which continues in Asia today with Australian CPI.
Recapping action in Asia yesterday where in mainland China the Shanghai Composite slumped once more, closing nearly 1% lower to 3488 points. The daily chart showed a lot of hesistation just below the 3600 point level with no new highs signalling this retracement, which could accelerate swiftly back to support at 3400:
Advertisement