By Chris Becker
The tweeting Twit-in-Chief put another spanner in the trader war spat between the US and China overnight with more tariff threats pushing the commodity complex over the edge, sending iron ore, oil and other hard commodities down sharply, taking stocks with them. US Treasuries rallied on the safe haven bid with the 10 year yield crashing below the 2% mark while the USD was all over the place, but commodity proxy Australian dollar hit another yearly low.
Looking at the action on Asian markets yesterday, the Shanghai Composite fell nearly 0.9% to 2908 points while the Hang Seng Index continued to buckle, now at a new monthly low to finish down 0.7% at 27565 points. This puts it well below previous ATR daily support and ready to move to its May extreme lows:
