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Positive US and Chinese data helping to drive positive sentiment
Positive US data along with strong earnings from Morgan Stanley helped to propel risk appetite yesterday and this has been added to overnight with encouraging economic data out of China. A third month of US retail sales growth and an encouraging reading to the regional Philly Fed survey helped to swing Treasury yields higher, allowing the dollar to recover. Most impressive of all though has been the latest sharp move higher on Wall Street into all-time highs, something which is happening on an almost daily basis. The move has undoubtedly been ushered through via the hand of the liquidity operations from the Fed in ... (full story)