By Chris Becker
It’s all about record highs on stock markets in the wake of the US/China “phase one” trade deal with Wall Street bounding to a new high, dragging risk assets along for the ride. Oil prices continue to melt higher while even the FTSE is leaping forward now that Brexit is certain. Today the RBA minutes will be released, which may put further pressure on the Aussie dollar.
Looking at the action on Asian markets yesterday where the Shanghai Composite was floating along going into the close but then put down the hammer to close more than 0.5% higher to almost get back to the 3000 point level, closing at 2985 points. Meanwhile the Hang Seng Index came back slightly from its Friday breakout, off by 0.6% to 27508 points. The daily chart however shows this breakout has more upside potential as price reaches the former October highs:
