By Chris Becker
Markets almost brushed aside the strong US jobs print on Friday night and continued to hasten their retreat from risk taking with European bourses falling to a new yearly low, while Wall Street stumbled into the close with a near 2% loss. Fear continues to reign as bond yields plummeted to new record lows, oil prices off by nearly 10% and the USD falling against all the majors to a yearly low. Is this the beginning of the end or more to come?
Looking at Asian share markets from Friday’s session where the Shanghai Composite lost 1.2% to close just above the key 3000 point barrier at 3034 while the Hang Seng Index broke down to a new daily low, finishing 2.3% lower at 26146 points. The previous bounce off weekly support at the 26000 point level was but a short term swing play with no follow through as momentum rolled over and price fell through the previous long held support levels. There is likely to be another leg down from here:
