By Chris Becker
A hail mary late session rally saved US stocks overnight, lead by the Apple Trillion Headline, but overshadowing everything is the ramping up of the trade war between the US and China. The negative lead in Asia fuelled discontent in Europe, alongside a surprise intrest rate hike from the BOE, which saw Sterling drop and the USD rise against, well everything.
Recapping Asia’s session yesterday where the Shanghai Composite looks like in its freefall, following up yesterday’s poor showing with another 2% selloff down, closing at 2768 points and wiping out any chance of a return back to 3000 points. Momentum is really against Chinese shares here with lower commodity prices and tariffs weighing down possibly to terminal support at 2600-2700 points:
