By Chris Becker
Trust the Trump White House to screw the pooch on this attempted recovery, with news that a potential crackdown on Chinese electronic goods sending the NASDAQ tumbling 3%, taking down industrial stocks with it. This created yet another surge in safe havens with Yen and bonds rallying, with Treasury yields falling to 2.8% in the midst of a record breaking debt sale this week. Its going to be another tough day here in Asia with stock futures down significantly.
Recapping stocks in Asia yesterday where the Shanghai Composite closed 0.5% higher to 3150 points, having nearly reached 3200 points earlier in the session as the negative impact of new tariffs abated. Overhead resistance at 3300 remains solid as a rock here, with support at 3100 still firming. This could be wiped out today in reaction to Trump’s latest trade war shot in foot:
