by Martin Armstrong
The weak close in the US followed through into the open for Asia and we saw prices gap lower across the board. The Nikkei did attempt to break higher around lunch but was short-livid being dragged down by oil, yet again! Both Shanghai and Hang Seng closed around 1.5% lower as increased talk of US rate hikes next month continue to circulate. The PBOC fixed the Yuan today at 6.5150 which is a little weaker compared to Wednesdays 6.4936 set. In late US trading Asian futures continue to drift lower when we see losses of an additional 0.75%.
In Europe, we saw a similar picture to Asian trading with all indices closing on their lows. Between 1.5 and 2% declines were the result of nerves ahead of a shaky US market and the long weekend.