By Chris Becker
Quite a mixed session overnight following an equally mixed bag of results in Asian trading yesterday. Wall Street eventually closed in the green after being down in the red significantly alongside European bourses as sentiment remains fragile at best. The USD slipped while commodities and their proxies came back a bit, particularly oil with Brent futures up 4% and gold sliding sideways. Today’s RBA meeting should be a non-event but there’s other economic markers and speeches from central bank wonks today and tonight to watch out for.
Looking at Asian share markets from yesterday where mainland Chinese share markets were closed again but the Hang Seng Index reopened and closed down a little over 4%, making a new weekly low and wiping out all of the recent buying intent, crossing below the key support level at 23000 points. This firmly puts the index on an at best sideways trajectory for the time being as the May effect rolls on:
