by Martin Armstrong
Armstrong Economics
Other than individual bank stocks, Friday’s EBA report had little overall effect on core markets as we heard nothing that we were not already familiar with. The Nikkei opened around 1% lower and then spent the rest of the day trying to recoup opening losses, which was pretty similar to the Hang Seng. Shanghai, on the other hand, found it extremely difficult to bounce having just seen weaker PMI at 49.9 against an expected 50 forecast. Services were marginally better but failed to boost confidence. In late US trading both China300 and the Nikkei have declined around 1% from the cash close.