 This week's rebound in global stock markets is losing momentum, as major European indexes and US futures are trading lower. Dollar recovers and lead Yen and Swiss Franc higher. Meanwhile, the rebound in Sterling also appears to have exhausted. Aussie and Loonie are following the Pound and next weakest while Kiwi is supported by RBNZ rate hike earlier today. Also, it looks like Euro has failed parity against Dollar for now. Technically, it's way to early to call for a trend reversal in stocks. For example, while DOW's rebound was impressive, it's kept well below 55 day EMA. Indeed, psychologically, if DOW couldn't firmly grip 30k handle for the rest of the week, the stage would be set for down trend resumption through 28715.85 low later in the month. Let's see. In Europe, at the time of writing, FTSE is down -0.74%. DAX is down -0.95%. CAC is down -0.65%. Germany 10-year yield rose 0.081 to 1.953. Earlier in Asia, Nikkei rose 0.48%. Hong Kong HSI rose 5.90%. Singapore Strait Times rose 0.46%. Japan 10-year JGB yield rose 0.0183 to 0.250. |
