by Martin Armstrong
Armstrong Economics
The Nikkei opened on a wobble but after the first couple of hours progressed steadily to close up +0.3% on the day. As JPY found the renewed bid, and even in late trading, the Yen was knocking on the 102 handle as futures trades close to unchanged. Shanghai also found comfort with Q3 GDP reporting at +1.8% growth which takes us to a 6.7% growth rate for the year; still in line with the governments 6.5-7% forecast. A fairly uneventful days trading in Asia as we opened the Europe session.
It took all day but all core European indices closed better despite weaker morning trading. It was not until after lunch that market found their way into positive ground and even then only making marginal gains (0.25% generally). It was the bond market that dominated most of the market gossip today after Saudi Arabia offer $17.5bn of bonds ranging from 5 years up to thirty years.