by Martin Armstrong
Armstrong Economics
The Nikkei was the bright spot in Asian equity markets today closing up 0.8% whilst the JPY decline would have cost 0.3% of that gain. It was far better than the declines we saw in mainland China which closed -1.7%. Yuan gained small ground today and was last seen 6.5212. Given the majority of the markets were closed Friday and many remained closed today, volumes were expectedly light. In late US trading the China 300 (futures) trades +0.7% higher than the cash close earlier today.
European futures were in play today with DAX eventually losing a lot of the recovered ground in the morning session only to close the day small down. Volumes were again very light but that is to be expected when core markets are absent. Most core cash markets closed.