Macro Morning

Advertisement

By Chris Becker

Caution has been downgraded to uncertainty with stock markets selling off sharply overnight after what looked like a good bounce here in Asia yesterday. US stocks fell over 2% with US 10 year Treasury yields now well below the 2.9% level, dragging the USD lower against all the majors except Aussie.

Recapping Asia’s session yesterday where the Shanghai Composite was barely up a few points, hanging on 2597 points still just below the previous support level at 2600 points but navigating through the weekend risk gap problem well. The daily chart is still moving sideways however with price gravitating around the orange support line just above 2600 points with no signs of a breakout yet:

Advertisement

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe