During the Asian session, stocks in Hong Kong dropped for the first time in 8 trading days. We should remember that the HSI previously finished at its highest level since December 2007 and exceeded the psychological level of 28,000. Today the price returned down and erased 1.62%. This can be attributed to profit taking. On the other hand, the Shanghai index continued to climb and added 0.34%. This was supported by higher Chinese New Loans data. If we look at the Australian market, we can see how negative data for copper and iron hurt the stock market.
During the European session we should watch for a possible price correction on the EUR/USD as the price slightly climbed yesterday but with no fundamental causes. European Industrial Production, which is another way how to measure economic output, grew at a higher rate than estimated. However, the recent ongoing crisis over Greek debt pushed the single currency down.
During the U.S. session, we should pay attention to the U.S. Retail Sales data which is expected to be the strongest in one year. In addition, the earnings report period has started and today we watch Johnson&Johnson, Intel, Wells Fargo and JPMorgan Chase. If figures are strong, these stocks should rally.
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