By Chris Becker
A big turnaround on oversold risk markets overnight, with very positive data coming out of Europe the main catalyst, alongside a possible solution to the Italian election crisis. The very strong German employment and inflation figures put a rocket under Euro, while other undollar majors also lept higher as traders reversed their risk off positions. Its looking like a much more positive day here in Asia where Chinese manufacturing data will be closely watched.
Recapping stocks in Asia yesterday where the Shanghai Composite had shown its hand, with the market off more than 2% going straight down to terminal support at 3000 points, closing at 3041. There’s daylight below 3000 points so any reversal today and look through the PMI numbers must be filled to stave off defeat:
