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armstrongeconomics.com / by Martin Armstrong / Feb 10, 2017
Asia benefited from new record highs in the US and really set the pace for the end of the week. The Nikkei was certainly the star performer adding 2.5% on the day taking the index to 19,400 with many talking the psychological 20k is next weeks target number. The JPY suffered against the USD falling to the mid 113 level with attempts made late in US trading at the 114 handle. In China’s Export numbers saw the release better at 7.9% against an estimated 3.3% while Trade Balance came in at $51.35bn against an estimated $47.9bn. The CNH (off-shore) was last seen around the 6.8700 late in US trading. In cash we saw the Shanghai close +0.5% while the Hang Seng added just small closing +0.2%.
Europe had many rumours early in the session but most concerns fears of credit rating downgrades. Much talk surrounded France and Italy given their country’s bond market performance and the ongoing talk around political uncertainties. Which many still discussing the US infrastructure talk we understandably saw basic materials perform along with the US Dollar. All this talk helped energy prices with WTI gaining nearly 2%
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