By Chris Becker
Wall Street continues to price out the health effects of coronavirus and price in a sharp V-shaped economic recovery, despite the record print in non-farm payrolls on Friday night, which saw US unemployment spike to over 14% while Treasury yields hit a record low with the two year barrelling in on zero very quickly. Stocks zoomed higher, because, well why not as worrying about a second wave of COVID-19 spreading across the US was literally Trumped by a resolve to get companies making money again. Gold fell back slightly while oil prices jumped over 6% as Asian stock markets look poised to rally out of their consolidation zones.
Looking at share markets from Friday where in mainland China, the Shanghai Composite closed nearly 1% higher to 2895 points, while the Hang Seng Index finished exactly 1% higher to 24230 points, bouncing off the recent daily lows at 23400 points and setting up the daily chart to re-engage for another breakout this week:
