By Chris Becker
Again US stocks are rallying, hiding the rising caution in other risk markets, with tech stocks lifting alongside energy issues as the looming hurricane off the East coast of the US sent oil prices up nearly 3% higher. European markets are less sanguine with a downbeat – but better than expected – German ZEW survey still locking in medium term pessimism. Currency markets were flat with USD strength holding on, although Yen is falling which should give Japanese stocks another kick higher today.
Recapping Asia’s session yesterday with Chinese stocks first, where the Shanghai Composite was looking to finish the session only down a few points but sold off sharply into the close, down 0.2% to 2664 points as it continues to fall. Momentum remains negative as Chinese shares follow the Yuan down with all eyes on terminal support at just above 2600 points:
