By Chris Becker
As traders around the globe slowdown for the Christmas break, Wall Street was the only major market to put on meaningful gains, with the absence of news translated into good news. The latest BOE meeting was a hold as the bank needed to evaluate the fallout from the election, while US initial jobless claims unexpectedly spiked with US Treasury yields falling only slightly in response.
Looking at the action on Asian markets yesterday where the Shanghai Composite was stuck again, still unable to advance significantly past the long held 3000 point resistance level,putting in a scratch session. Meanwhile the Hang Seng Index fell sharply, down 0.7% to 27703 points as it rejected the previous October highs. The daily chart shows how the former October highs must be broken through with more conviction or a rollover is on the cards: