By Chris Becker
With no economic events overnight, risk markets hinged on the unhinged tweets from Trump while the UK tried to de-escalate tensions with Iran over its seized oil tanker. Tech stocks had a very positive night while industrials on Wall Street were subdued as disappointing earnings keep rolling in. Currency markets were quiet as gold hovered near its recent highs.
Looking at the action in Asia yesterday, where Chinese stocks sold off the most with the Shanghai Composite 1.3% lower and well below the 2900 point barrier while the Hang Seng Index also off, closing 1.4% lower to 28371 points. This puts it below the previous set of highs at 28500 as pressure mounts so I’m watching the low moving average level and recent dailys lows at 28300 to come under pressure today:
