by Martin Armstrong
Armstrong Economics
Hang Seng decided to join the Nikkei’s performance overnight with both indices returning a 2% gain for the day. Sadly, the Shanghai was unable to join the fun with that market eventually closing down -0.7%. Actually, that was a result as earlier in the day it had been down 4%. A large shortage of liquidity was a possible reason dealers provided for the equity weakness and we did see the PBOC do a seven-day reverse repurchase agreement for 250 bln Yuan during the day. Late in the US day all core Asian indices are trading roughly 1% lower.