Market Talk – July 20, 2016

by Martin Armstrong
Armstrong Economics

Japan finally saw a down day (-0.25%) that could be allocated to the individual performance of Nintendo shares, which declined over 12% today due to the delayed launch of the “Pokemon Go” app in Japan! However, the Hang Seng did return a nearly 1% gain today with Shanghai having a small loss, which was a result as it was down 1% intraday.

The UK released some better data (unemployment fell from 5% expected to 4.9% released). This helped both the stock market and also the currency to bounce. Meanwhile, the debate surrounding BREXIT continues with the new PM Theresa May still adamant that she will not invoke Article 50 until the end of the year. A good performance all around for Europe today with all core’s trading over 1% better with only the UK closing around 0.5% higher. S+P downgraded Turkey (from BB+ to BB), which resulted in the currency losing 1.25% to close record lows against the USD.

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