by Martin Armstrong
The surprise rate cut by the New Zealand Central Bank earlier this morning spooked a few markets especially ahead of the ECB later in the day. The Nikkei liked the news which resulted in a +1.3% rally but that has been reversed after the wests reaction to the ECB this evening. In late US trading we are seeing the Nikkei futures -1.9% lower and the JPY trading sub 113 down -0.5%. The Shanghai cash market was weak all day but accelerated that decline into the close. After Consumer Confidence showed better than the expected 1.9% and was released at +2.3% but that was not enough to turn a bear market bull. Also, in late US trading the China 300 continues to fall with last price seen -30 points a further -1%.