Macro Morning

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By Chris Becker 

Volatility continued overnight with bond markets pushing the whole risk edifice around as US stocks retreated following a dour session here in Asia. The German IFO survey did better than expected which buoyed European stocks somewhat but this was overshadowed by the continued slow train wreck that is Brexit.

Looking first at the Asian session yesterday, where Chinese stocks fell both on the mainland and in Hong Kong where the Hang Seng Index closed 2% lower to 28523 points, heading straight below the previous breakout at 29000 points. It’s very close to cracking the last headfake at ca. 28000 points but this may only be a dip so watch trailing daily ATR support:

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