by Martin Armstrong
Some say the Nikkei is close to ending its bull run after seeing some impressive gains recently. However, after the long weekend we have seen yet another 1%+ gain, but that has yet to halt dealers still trying to call the top. A better performance than its peers as Shanghai and Hang Seng returned loses of -0.3% and -0.6% respectively. In late trading, the Nikkei has returned some of the cash gains whilst China 300 and HSI remain little changed.
Ahead of much data releases we heard that Moody’s downgraded their UK’s GDP growth target for 2016, and then, mid-morning, we saw the UK CPI release 0.5% marginally better than the 0.4% expected. However, despite a brief rally in GBP, it was only short-lived and we were back with the sellers very soon after.