Macro Morning

Advertisement

By Chris Becker 

US stocks lost ground as Trump fumbled around comments regarding Chinese tariffs, pushing industrials down while tech stocks had a slight tick upwards, as the USD lost ground against the undollars. Pound Sterling was the exception as the Tories continue to par back in the polls while Bitcoin cracked below the $8000 level.

Looking at the action on Asian markets yesterday, where Chinese stocks continued their bounceback, as the Shanghai Composite closed nearly 0.9% higher to 2934 points while the Hang Seng Index again surged, this time up nearly 1.5% to close at 27075 points. Price is now well above previous trailing ATR support and the resistance zone at 27000 points in a sign that not all is lost in the once peaceful territory, but I’d wait for a clear close above the high moving average before calling this dip over:

Advertisement

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe