Market Talk – August 11, 2016

by Martin Armstrong
Armstrong Economics

Yet another rather uneventful session made even worse by the fact that Japan had a national holiday. Early trading in the Shanghai tended to follow the weak US sentiment but despite flipping in both directions, eventually closed down but above the psychological 3k level. Hang Seng performed well and it could be said took a little confidence from the New Zealand rate cut as the NZ$ found strength following the decision. The Chinese Yuan was set 6.6255 by the PBoC with the of-shore market trading out at 6.6412. In late US trading the Nikkei futures have joined the rally and are currently trading 1% higher.

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