By Chris Becker
Another board full of green with US and European stocks lifting overnight alongside Treasuries as the 10 year yield dipped below the 2% mark on some very dovish comments coming from the central bank wonks as the global manufacturing slowdown gathers pace. Gold saw a resurgence as USD fell slightly against the other majors, while oil prices fell sharply on the lack of OPEC co-operation.
Looking at the action in Asia yesterday where the Shanghai Composite retraced a little, falling about 0.2% to 3040 points but still well above the 3000 point barrier and holding on to the previous large bounceback. The Hang Seng Index reopened after its national holiday playing catchup and gapped over 1% higher to be just below the 29000 point level, making a new weekly and monthly high. Is it sustainable however and will the domestic ruckus overshadow this breakout play – I’m not sure this will stick on the open today:
