By Chris Becker
The risk complex is in short termism mode as nobody was ready to keep surging equity prices higher overnight, with Wall Street eventually slipping into the red and setting up for some confused options on the open here in Asia today. European bourses ran with the Asian surge but then hit a brickwall later in the session, with post close futures suggesting retracements later today. The gold price fell slightly, but again it was all about oil as the US doesn’t want to join OPEC with production cuts despite huge increases in inventories around the globe as demand evaporates. The Aussie dollar was the standout, briefly touching the 62 cent level against USD as the RBA continues its mixed message approach.
Looking at Asian share markets from yesterday, where the Shanghai Composite reopened and has launched higher, up more than 2% to 2805 points while the Hang Seng Index closed similarly with a 2.1% lift higher to 24253 points, lifting above its high moving average on the daily chart, as this breakout continues. Support is strong at the 23000 point level to support a rally up towards 26000 or so, the previous uncle point before this selloff, but momentum is not yet positive:
