By Chris Becker
Risk sentiment is improving everywhere with European and US stocks lifting strongly overnight, helped along by a very firm services ISM release in the US that smacked down all undollar assets. Oil prices finally lifted off the mat in the wake of probable OPEC production cuts due to the coronavirus, as other industrial metals also lifted on news Chinese companies are coming back online sooner than expected. The only fly in the ointment overnight was the big drop in the Tesla share price which dropped nearly 20% after doubling since the New Year….
Looking at Asian share markets performance yesterday where the Shanghai Composite gave up some mid session gains but recovered going into the close to finish some 1.2% higher to breach the 2800 point level, still well off its pre-Lunar New Year highs. The Hang Seng Index finally found some life as well, closing 0.4% higher to 26786 points, making a new session high as price firms. Although I can see a deadcat bounce still need more stability here above the 27000 point level:
