By Chris Becker
Equity markets are still feeling the pressure with US stocks slipping following what looked like a positive session and rebound in Europe. The USD remains under a cloud as well with the antipodean currencies lifting in the wake of a lower than expected advanced retail sales print. Treasuries were largely unchanged and despite the petulance from the Saudis, oil prices barely moved.
Recapping Asia’s session yesterday where the Shanghai Composite was again all over the place but struggled after the lunch break to be down 0.6% at 2591 points, still unable to get back above key support at the 2600 level. The daily chart still looks like part of a staged breakdown to the 2300 terminal support area, although momentum is seriously overcooked to the downside, so there could be a quick but short lived reversal:
