By Chris Becker
It’s getting boisterous out there in risk-land with 2% falls across Wall Street overnight as concerns mount over the failure of the US/China trade talks. Oil prices tanked with a rush of safety to Yen and bonds sent all other undollar assets down as well, including the Australian dollar which lost all the ground “gained” from the RBA hold yesterday.
Looking at Asian markets from yesterday first, where the Shanghai Composite did not fight back strongly, closing about 0.6% higher to 2925 points after falling nearly 6% in the previous session. In Hong Kong, the Hang Seng Index was up a similar amount, closing 0.5% higher to 29363 points, with price just clawing on to the previous local support at the 29000 point level. Futures however show a darker picture with support wiped out and the beginning of a steep retracement:
