By Chris Becker
Everything is awesome as markets set aside all the emerging markets and Chimerica trade war risk, with the USD bulls retreating and northern hemisphere stocks pushing higher overnight. US markets hit new record highs although they retreated late on the Cohen/Manafort/Trump/pornstar saga.
Recapping Asia’s session yesterday with Chinese stocks first, where the Shanghai Composite continued its rebound, closing nearly 1.3% higher to 2733 points, getting back above the previous weekly support at the 2700 point level. Momentum has swung after being very negative here so this bounceback is not unexpected, with Yuan also strengthening in line with the weaker USD for the continued inverse correlation:
