Macro Morning

Advertisement

By Chris Becker 

The US earnings season is putting several headwinds in the way of an ever-rising stock market with US bourses falling overnight in disappointment. European markets fell as well as the prospect of a hard Brexit becomes more likely, with Treasury yields falling again in response.

Looking at the action in Asia yesterday first, where the Shanghai Composite was been unable to get out of its rut, falling another 0.2% to 2931 points while the Hang Seng Index was also off by about the same to 28593 points, still able to maintain itself above the previous set of highs at 28500 but going nowhere. With support firm at 28000, the market was poised to breakout here, but risk sentiment is flat lining, but continue to watch the high moving average level at 28600:

Advertisement

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe