By Chris Becker
Bouncy bounce bounce! Wall Street surges over 5% higher overnight as Asian stocks took the lead yesterday to push risk markets higher after a week or so of carnage. This is partly in response to a coordinated effort by central banks to start easing aggressively to counter the economic slowdown from the coronavirus, but also technically as prices were extremely oversold and ripe for a bounce. Currency markets were less sanguine with Euro still higher while commodity currencies saw a mild uplift as oil and industrial metal prices spiked.
Looking at Asian share markets from yesterday where the Shanghai Composite soared ahead, up 3% to close at 2970 points while the Hang Seng Index finished 0.6% higher to 26291 points, bouncing off the January low point. This is a good start but nowhere near out of the woods yet, requiring a follow through today above the low moving average level at 26400 points at least:
