By Chris Becker
Another record night on Wall Street as institutional memories of past bubbles are erased and everyone presses the buy button! Solid US economic data on Friday night, namely industrial production for December imbibed risk to improve the outlook for 2020, with the USD surging against Euro in response. Commodities rose slightly alongside Treasury yields while the Australian dollar again slipped below the 69 cent mark. It will be a bullish day here in Asia, again!
Looking at Asian share markets on Friday where Chinese stocks still struggled to make gains despite the rest of the region with the Shanghai Composite lifting at the open but squared off at the close to finish one or two points higher and still below the 3100 points level. Meanwhile the Hang Seng Index was looking to put in a scratch session but surged at the close to finish up 0.6% to 29056 points. The daily chart was showing continued support as price remained elevated with solid momentum, so the potential for a reversion below the high moving average is dwindling as risk is well supported here:
