By Chris Becker
On the back of a new NAFTA deal overnight, risk markets were mixed with US tech stocks declining while industrials stayed higher on a solid ISM manufacturing print. The Canadian dollar moved significantly higher against USD while Pound Sterling remains depressed as Brexit concerns continue to mount. Concern over the Italian deficit and sovereign debt is not yet dampening European bourses, nor is the rapid price in oil as WTI crude exceeds $75 and a four year high.
Recapping Asia’s session yesterday where the Shanghai Composite was closed. The market finished Friday above 2800 points, building confidence as the stability in Yuan continues. Momentum is now firmly positive, suggesting this bounce could get to 2900 points swiftly:
