Asian as markets start in negative territory
Asian as markets start in negative territory yet now back to positive. Reserve hike by China ignored as Shanghai market also up on the the day. Market had expected additional 50bps hike in reserve ratios and 1 more interest rate rise so possibly nearing the end of Chinese tightening.
Crude falls slightly after 4 straight days up as Saudi says the oil markets are amply supplied, solar names are seeing a little weakness after downgrades on First Solar in the US and oil off.
This week we will see 20% of SPX report 1q numbers, with AAPL on Wednesday and also expecting the fed to signal the end to QE2 but will also likely say that rates will stay low for sometime.
Chinese today granted the first nucleur plant construction permit but needs additional sign off by government. HK warrant and structured volumes have fallen dramatically since Thursday suggesting that the recent run up in the HSI may be over.
India will be weak again as Infosys adr closed -13% at a 6% discount to the local shares on Friday in the US after bad numbers.
In Europe Greek CDS prices trading at 1222 bps yet more problems for wider Europe.
Gold price still climbing as EUR getting sold early in Asia
