By Chris Becker
Wall Street finally stopped climbing last night, with the weaker than expected Chinese trade data and caution over the upcoming Brexit vote taking confidence off the table. Further slow news on European industrial production saw the Euro taper further, while US Treasuries remained solidly bid as gold and Yen as safe havens also remained strong.
Looking at Chinese stocks first yesterday, where the Hang Seng Index dropped on the trade news, closing about 1.4% lower to 26298 points, unable to breach the weekly downtrend channel (black line) on the daily chart below. Friday’s session had set up a potential breakout but the trade news is knocking it back to the moving average band so we’re likely to see a further reversion, possibly below 26000 today:
