By Chris Becker
Commodities were hit hard overnight as the new round of Trump tariffs against China were verified, along with a hawkish Fed meeting where further interest rate rises are literally around the corner in September. Treasury yields spiked back up to the magical 3% level while the Euro was pushed down on USD appreciation. US stocks were mixed with only the tech heavy NASDAQ lifting on positive earnings, as energy shares fell on slipping oil prices.
Recapping Asia’s session yesterday where the Shanghai Composite was weak to start with and accelerated its selloff going into the close, down nearly 2% to 2824 points in response to the tariff speculation. Momentum is really against Chinese shares here with lower commodity prices including iron ore to weigh today:
