Macro Morning

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By Chris Becker 

Continued unease over the impact of the corona-virus is sending stocks down again, with Wall Street falling on Friday night. This wasn’t helped by a poorly performing US manufacturing PMI, alongside the services PMI implying a real economic impact from the virus. USD dropped against all the majors and gold soared again to a new yearly high.

Looking at Asian share markets on Friday where the Shanghai Composite was the odd one out, closing some 0.3% higher to 3039 points while the Hang Seng Index finished 1% lower to 27308 points as it failed to hold on to short term support. Price was bunching up at the 28000 point level, but has failed to make a new daily high in almost a week, with daily momentum still unable to crossover to a positive reading – doesn’t look good in the short term:

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