by Martin Armstrong
Armstrong Economics
Consolidation was the name of the game in the morning session for Japan, which dealers were happy to see especially after yesterdays prestigious run. Hang Seng had a rather subdued day with very little change for them today. In Shanghai, once the market saw the unchanged CPI and the better than expected PPI, bulls were in the driving seat and we closed +0.7% better on the day.
Europe had a good day across the board. The DAX closed up 2.5% with a general performance from Munich Re, Lufthansa and Infineon Technologies all around 4%+. The CAC and IBEX were both around 1% each again on a good array of cross-sector performances.