By Chris Becker
Its all about trade talks again overnight with US stocks leading the charge, European stocks also surging while the FTSE retraced as a higher Pound Sterling and more Brexit chaos takes a toll. The services ISM was surprised to the upside, helping boost sentiment and taking some heat out of gold which fell more than 2% as Treasury yields also backed off. Should be a green finish to the week here in Asia with futures indicating rises across the board.
Looking at the action on Asian markets yesterday, where the Shanghai Composite swiftly leapt higher and held on to those gains, closing 1% higher to 2988 points while the Hang Seng Index has retraced slightly given the huge gains previously, finishing with a scratch session losing a handful of points to 26515 points. This is to be expected after a huge surge so we could see further consolidation going into the weekend, but price should be maintained above the high moving average as this bounce turns into a rally:
