An extremely quiet day, as you would expect in this holiday shortened trading session. With Japan on a public holiday due to Emperors Day it was left to the Shanghai and Hang Seng to set the mood for European trading. Both closed lower as energy continued to weigh on sentiment but was probably the fact that, yet again, we saw the DOW reject the psychological 20k level backing away into the close. The JPY behaved itself in the country’s absence making its way back towards the 117 level despite the DXY’s strength. China’s Xi Jinping that he is open to growth slipping below the 6.5% objective as the economy moves towards domestic consumption and away from export led direction.
This post was published at Armstrong Economics on Dec 23, 2016.
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