by Martin Armstrong
Armstrong Economics
All core Asian markets traded heavy by the close of business – it was hopeful that Japan was to be the exception – sadly, that was not to be the case! Although the Nikkei was higher for the majority of the day in the final ninety minutes it too was sold and closed down 161 points (-1%). Neither Shanghai nor Hang Seng ever looked close to trading in the green with both eventually closing down 2.89% and -1.3% respectively. PBoC set the Yuan rate a little weaker again today at 6.5452 mid-point, whilst also stressing there is no need for a markedly weaker Yuan. A little bit of domestic news; we heard rumours that China were in the process of firing 1.8mio steel workers and also talk that the property market around Shenzhen had risen recently by as much as 40% recently.