By Chris Becker
What trade war? Risk markets are back, led by tech stocks on Wall Street, as is the USD as all the major currencies dropped versus the King overnight. Gold fell swiftly, while oil prices were muted amid news that the Saudis and Iranians are ready to add to supply. A reversal of Trump’s barbaric immigration tactics overnight may be the catalyst that further winding back of tariff demands also may be possible. But we’ll see..
Recapping stocks in Asia yesterday first where Chinese markets Shanghai Composite put in a positive session – surprise, surprise, rising 0.3% but still well below 3000 at 2918 points. In the wake of the near 4% rout previously, this is nowhere near enough to get back above key support at 3000 points, so I’m expecting more intervention particularly in afternoon trade to see this filled:
