By Chris Becker
Some more stability or instability depending on your point of view returned to equity markets overnight with the Fed minutes absorbed without much fuss as no bad macro news equating to higher risk sentiment. Weekly oil inventories were much less than expected, sending Brent higher while WTI crude was stable, as safe haven bids were steady. Gold and Yen buying has abated, but not yet abandoned.
Looking at the action on Asian markets yesterday, where Chinese stocks were able to avoid the selloffs across the region, with the Shanghai Composite putting in a scratch session to be unchanged at 2880 points while the Hang Seng Index advanced slightly, up 0.15% to close at 26270 points. Yesterday’s price action was unable to get above the previous bounce point or the high moving average but things are looking up this morning with indications of a potential breakout above 26300 points:
