by Martin Armstrong
Oil was blamed for the majority of today’s equity weakness but there was no new news and the reason was a little baffling! The Nikkei broke the 16k level and then fell another 300 points quite sharply. In late US trade it has lost an additional 150 points and is currently trading around the 15,500 level. Exporters leading the way and looking at the currency moving stronger (around 1% firmer on the day) Dealers were anticipating intervention soon. Shanghai remained strong throughout the day despite the weaker tone seen from the Hang Seng. Also in Asia we saw India cut rates by 25bp to 6.5%.