Market Talk — June 29, 2016

by Martin Armstrong
Armstrong Economics

Asia performed well in what appeared to be trading in shadows the majority of the day. Rumors that the PBOC were about to cut rates saw a rally in Shanghai (+1%) only to drift off the highs by the close. Rumors of more BOJ easing (attempting to put even 40yr bonds into single digits). It didn’t help matters when Japan missed on its Retail Sales release either (expected -1.6% but printed -1.9%) but even that could not derail today’s stock market rally that took all Asian markets better. In late US trading, Asian futures has added an additional 1%.

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