by Martin Armstrong
Armstrong Economics
Nikkei opened well which also saw a retracement of the JPY but unfortunately, other Asian indices did not follow suit. Having seen a 0.5% gain in the first hour of trading, we spent the rest of the day drifting back to almost unchanged. Shanghai and Hang Seng meanwhile, were hit from the opening and really did not look back. Closing down 2.6% on the day, the Shanghai actually bounced fro the 4% seen earlier in the day but still concerns surrounding state owned enterprises. The Yuan also traded weaker on the day at 6.4674. In late US futures we are seeing the Nikkei gain an additional 320 points 1.9% from the cash close.