By Chris Becker
A big weekend with a lot of big news to absorb as most markets fully return on the open today here in Asia. The OPEC+ production cut was met with a wide selloff in oil prices, while the latest EU financial package only saw a mild slump in Euro as most traders remained on holidays. The ongoing death toll in the US and the growing impact on earnings gave Wall Street some pause overnight with consumer sentiment slumping as initial jobless claims soar to new heights again.
Looking at some Asian share markets that were open yesterday, where the Shanghai Composite continued to slide sideways, falling 0.5% lower to 2783 points while the Hang Seng Index was closed, having finished the week on Friday at 24300 points in a buoyant mood. Support continues to grow stronger 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:
