by Martin Armstrong
Following a strong day in the US all core Asian Indices opened firm and with the exception of Shanghai, did not look back. China could not hold on to the mornings gains and eventually closed small lower -0.25%. The Nikkei and Hang Seng produced great one day returns of 1.6% and 2.7% respectively. In late US futures trading the Nikkei has rallied an additional 1% with both HSI and China 300 adding an extra 0.5%. The JPY has behaved trading the majority of the day around 110. Yuan moved 2.5% today as cover was given by the broad USD strength.
Europe took a while to get going but eventually joined the party and by the close saw IBEX up 2.3% and DAX gain 1.5%. The CAC and FTSE were also stronger, around the 1%, but not matching the DAX. German IFO was marginally better than expected (est 106.8 actual release was 107.7) and that set the trend for the rest of the day.