By Chris Becker
The ECB met last night and adopted a very very clear easing bias with a new stimulus package, but it wasn’t enough for punch drunk risk markets with European stocks falling and pushing US bourses into the red on the lack of confidence. Durable goods in the US however surprised to the upside with initial jobless claims also steady, which caused US Treasury yields to rise, while the USD firmed across all the undollars.
Looking at the action yesterday, where Chinese stocks were positive and in lockstep with both the Shanghai Composite and Hang Seng Index advancing around 0.3-0.4%, the former up to 2937 while the latter is hovering around 28594 points. This put it slightly above the recent set of highs at 28500 as the market moves into a slightly bullish mood, but overall the trend remains sideways despite the lift in sentiment:
