by Martin Armstrong
Armstrong Economics
It is a sad state of affairs when, after a terrorist incident such as yesterday’s events in Belgium, how quickly the markets have accepted it and within a few hours, had been priced out! This is both a reflection of what is becoming “a horrible accepted norm” and also the lack of market participants. Even though Asian exchanges had closed ahead of events yesterday, in todays session they were hardly moved and were actually more concerned with the 17k level for the Nikkei and 3k for Shanghai.
In Europe, dealers had a lack of data to really get excited about and were reduced to watching oil and gold again. All core markets traded in a tight range where we saw Miners and Energy companies decline whilst Tourism and some Bank stocks recovered. IBEX was a slight exception with a loss of nearly 1% on the day.