by Martin Armstrong
Armstrong Economics
The Nikkei (cash market) had a lot to recover having just returned but recover it did. The early bounce was pulled back then the Friday afternoon recovery took over and we closed just off the days highs (+1.2%). China’s Industrial Output was expected at 6.1% but came in a little short at 6% which did provide a bit of a pause but happily was just short lived. Retail Sales was also a little under the forecast (10.2 v’s 10.5) but that too was quickly dismissed. Having pushed through the 3k level late yesterday we eventually saw a happy run into the weekend to close +1.6% up on the day. The Hang Seng was also strong closing with the Nikkei around 1% better.