By Chris Becker
New record highs in US stocks overnight as Trump slashes NAFTA and the USD falls against (almost) everything as a result. Auto stocks led the charge as car tariffs seem to be high on the agenda while European markets were also buoyed as risk markets re-assessed the ongoing trade war in a better light. Gold continues its bounceback while WTI oil is closing in on $70USD per barrel.
Recapping Asia’s session yesterday with Chinese stocks first, where the Shanghai Composite closed nearly 2% higher to 2780 points, building on last week’s breakout above previous weekly support at the 2700 point level. Momentum is swinging back to the positive after being very negative with the Yuan appreciation helping, but I’m watching significant resistance at 2800 points closely:
