By Chris Becker
Friday night saw risk markets wobble slightly as the latest US industrial production numbers fall slightly while inflation expectations also pared back, although retail sales were upbeat as expected. Treasury yields fell slightly and are still signalling almost no change for the Fed come March, while the USD continued its flex against Euro, Pound Sterling remains elevated and the Aussie is still on a downstretch. It’s likely to be a mixed start to the trading week here in Asia without much of a positive lead.
Looking at Asian share markets on Friday where the Shanghai Composite advanced a little after a turbulent week, closing 0.3% higher and remaining just above the 2900 point barrier at 2917. Meanwhile the Hang Seng Index had a flaccid session eventually closing 0.3% or so higher to 27815 points but unable to make a new daily high. Price had recently broken out above the high moving average on the daily chart but the 28000 point level is where firm resistance lies, as momentum is still not yet positive:
