By Chris Becker
Hope is rising on risk markets that this weekend’s G20 summit – more rightly a G2 summit between US and China – will result in some sort of ceasefire at least over the trade war. US stocks rose while European bourses slipped despite a higher German CPI print. The USD was largely unchanged, while Treasuries rallied again with the 10 year yield falling to 2% flat.
Looking at yesterday’s action in Asia first, where the Shanghai Composite bounced back to life, closing nearly 0.7% higher to almost get over the 3000 point barrier while the Hang Seng Index advanced much further, closing nearly 1.5% higher to 28671 points. The daily chart stabilised after a recent small dip and has now matched the previous daily high, almost signalling another breakout:
