By Chris Becker
Another muted night on share markets on both sides of the Atlantic, with scratch sessions the name of the game as traders digest the latest tit-for-tat battles in the ongoing Trump trade war. Oil prices fell back on higher than expected inventories, taking energy stocks down while the USD moved around against all the majors in a sign of growing volatility.
Recapping Asia’s session with Chinese stocks first, where the previous reversal on the Shanghai Composite was shortlived as the market closed over 1% lower to 2744 points. Momentum remains negative so I don’t expect a lot more upside given the ongoing trade war and the trajectory of the 200 day moving average (light blue line):