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Xi to attend G20 meetings


China has confirmed that President Xi will attend this weeks G20 meetings, there had been some speculation that he may not and that the US/Chinese Trade deal may have been even less realistic. The markets have accepted this development as a mildly positive move but are not running away with themselves.

The Hang Seng is trading 29 points higher ahead of the closing bell whilst the Nikkei225 has added 27 points. This follows a fall of 34 points on wall Street on Friday.

The main questions for the markets this week will be ; Whether or not we see a thaw in US/Chinese trade talks? Are tensions between the US and Iran likely to heighten?

The DOW is still on pace for its best performance in June for 80 years. All 3 major indices in the United States have been up for three weeks in a row but momentum has started to wane. Whilst there is every opportunity for a short squeeze or stops being triggered to regain that momentum, I prefer to short the indices at these levels but building my position slowly, looking to sell as it over reaches.

OPEC meetings on Tuesday will provide direction for Oil which is trading at a three week high and certainly for that period has been tracking the Indices higher, as has GOLD. Look for the direction of OIL to give an early indication in the move of the indices in the early part of this week.

The Euro trades back towards the 1.1400 level and I will be looking for opportunities to sell above this level. The move has been one of dollar weakness rather than euro strength and I would expect the Euro to find heavy resistance above 1.1400

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