By Chris Becker
Friday night saw the release of the latest US unemployment figures following two weeks of epically bad initial jobless claims, with over 700,000 jobs officially lost although its expected to be much higher given the exponential rate of decline in the “land of the free”. Free from intelligence too as its become clear that Trump was lying again, this time about the Saudi/Russian oil production cuts, with oil prices expecting to crater on the open this morning as both countries deny any such agreement. It’s still hard to see any sort of reason to buy stocks in this environment, with final European PMIs also clearly indicating a widening recession in Europe, but local investors still consider this the bottom in Australian stocks. Until the next bottom..
Looking at Asian share markets from Friday’s session, where the Shanghai Composite closed some 0.6% lower, finishing at 2743 points, still unable to gain any traction. Meanwhile the Hang Seng Index eventually finished lower as well, down 0.2% to 23236 points in what looked like a solid session but was still unable to keep above above its high moving average on the daily chart. Support is still evident around the 23000 point level but negative momentum continues to weigh here without any new session highs, so watch for a break below the low moving average:
