As Trump waited an hour to speak to his Russian handlers overnight, news of more tariffs coming April plus some lackllustre results in tech stocks (while Tesla’s burn everywhere) sent Wall Street lower while European stocks continue to outperform. Meanwhile the USD slipped further against Euro and Pound Sterling while building against Yen in anticipation of the upcoming BOJ meeting. The Australian dollar was able to hold above the 63 cent level but is slipping in recent sessions.
10 year Treasury yields were flat at the 4.3% level while oil prices couldn’t follow through with their recent bounceback with Brent crude rejecting the $71USD per barrel level. Gold continued its move above the $3000USD per ounce level, a clear signal that not all is right in risk world.
Looking at stock markets from Asia from yesterday’s session, where mainland Chinese share markets are only slightly higher in afternoon trade with the Shanghai Composite up just 0.1% while the Hang Seng Index pushed over 2% higher as traders continue to react to the potential for more stimulus measures, closing at 24750 points.