by Martin Armstrong
Armstrong Economics
Not a great session for Japan or the Hang Seng with both down around 1.5% a piece. Shanghai managed a better performance closing marginally higher having spent all day meandering around unchanged. The main talking point in Asia was again BREXIT and the GBP under performance so far. Setting another 31 year low (1.2795) concerns grow as more property funds closed for withdrawals. Given the Nikkei’s fall the JPY rallied but fell short of breaching the psychological 100 barrier.
In Europe, all core stock indices were hit with the worst performance seen in in France (CAC down 1.9%) but then DAX and IBEX were extremely close – down around 1.7% each. It was FTSE’s turn to tumble despite the weaker GBP. FTSE actually closed -1.25% in additional to the currency’s 0.9% decline.