Market Talk – August 23, 2016

by Martin Armstrong
Armstrong Economics

With little help provided by the US Asia had yet another quiet summer trading session. The Nikkei opened lower but recouped losses ahead of the lunchtime break, only to edge lower again during afternoon trading. News remains light even after a slightly better mfg PMI data only managed a short-term bounce and by end of trading we were down 0.65%. The weaker index encouraged the renewed JPY strength as late this evening we trade just above par having seen sub-par trading during the day. The Yen strength always hits exporters and we saw Honda, Toyota and Nissan lower closing around 1.8% down. In late US trading Nikkei futures have regained 0.4% even as the JPY hovers around 100.

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