• Tag Archives Yuan
  • Gold Market Morning: July-27-2017: rising despite heavy U.S. gold ETF sales!

    Gold Today – New York closed the day before yesterday at $1,248.40. London opened at $1,262.00 today.
    Overall the dollar was weaker against global currencies, early today. Before London’s opening:
    – The $: was weaker at $1.1728 after the day before yesterday’s $1.1654: 1.
    – The Dollar index was weaker at 93.50 after the day before yesterday’s 93.97.
    – The Yen was unchanged at 111.25 after the day before yesterday’s 111.25:$1.
    – The Yuan was stronger at 6.7377 after the day before yesterday’s 6.7506: $1.
    – The Pound Sterling was stronger at $1.3138 after the day before yesterday’s $1.3031: 1.
    Yuan Gold Fix
    The reaction to the Fed’s inaction not just on rates but on the timing of the contraction of the Fed’s Balance Sheet, interrupted the gold price relationship between global markets. New York closed at the same level as Shanghai yesterday, but London opened at just $2.50 below Shanghai’s trading level this morning. The price differentials between the global markets were nearly eliminated on the back of the Fed’s inaction. We look today to see just how global markets interact and to see if they are really narrowing their differences.
    If you had been following our commentary in the Gold Forecaster newsletter on China and the shift of pricing power to the east, you would not have been tempted to sell your holdings of gold or silver!

    This post was published at GoldSeek on 27 July 2017.


  • Gold Market Morning: July-25-2017: Gold consolidating above $1,250

    Gold Today – New York closed yesterday at $1,257.20. London opened at $1,253.00 today.
    Overall the dollar was weaker against global currencies, early today. Before London’s opening:
    – The $: was slightly weaker at $1.1654 after yesterday’s $1.1650: 1.
    – The Dollar index was slightly stronger at 93.97 after yesterday’s 93.94.
    – The Yen was weaker at 111.25 after yesterday’s 110.76:$1.
    – The Yuan was almost unchanged at 6.7506 after yesterday’s 6.7503: $1.
    – The Pound Sterling was slightly weaker at $1.3031 after yesterday’s $1.3041: 1.
    Yuan Gold Fix
    New York closed $0.50 higher than Shanghai on yesterday with London opening $7 lower than Shanghai. This keeps open arbitrage opportunities with Shanghai. Once again Shanghai is pointing the way higher for New York and London.
    Sales from the SPDR gold ETF become available for shipping to Shanghai implying that should U. S. investors want to return to physical gold they will have to pay up for it.
    Silver Today – Silver closed at $16.40 yesterday after $16.48 at New York’s close Friday.

    This post was published at GoldSeek on 25 July 2017.


  • Gold Market Morning: July-24-2017: Gold and silver markets consolidating and rising above $1,250!

    Gold Today – New York closed Friday at $1,254.30. London opened at $1,254.00 today.
    Overall the dollar was weaker against global currencies, early today. Before London’s opening:
    – The $: was slightly stronger at $1.1650 after Friday’s $1.1657: 1.
    – The Dollar index was weaker at 93.93 after Friday’s 94.09.
    – The Yen was stronger at 110.76 after Friday’s 111.69:$1.
    – The Yuan was stronger at 6.7503 after Friday’s 6.7697: $1.
    – The Pound Sterling was stronger at $1.3041 after Friday’s $1.3001: 1.
    Yuan Gold Fix
    New York closed nearly $8.00 higher than Shanghai on Friday with London opening only $3 less than Shanghai. If this persists this week with the differentials narrowing as they are, then we will have confirmation that arbitrageurs are proving successful in smoothing out the differences between the global gold markets.
    This is a structural change in the global gold market and allows a considerably greater influence of the physical gold market [primarily Shanghai] to impact the gold price and diminish the impact of the ‘paper gold markets of COMEX and the ‘paper’ side of the London gold market, across the world.

    This post was published at GoldSeek on 24 July 2017.


  • Gold and Silver Market Morning: July 19 2017 – Gold and silver markets continue to climb but the pace may slow!

    Gold Today – New York closed yesterday at $1,242.10. Londonopened at $1,239.00 today.
    Overall the dollar was stronger against global currencies, early today. Before London’s opening:
    – The $: was stronger at $1.1532 after yesterday’s $1.1559: 1.
    – The Dollar index was slightly stronger at 94.77 after yesterday’s94.64.
    – The Yen was stronger at 111.94 after yesterday’s 112.44:$1.
    – The Yuan was weaker at 6.7549 after yesterday’s 6.7481: $1.
    – The Pound Sterling was slightly stronger at $1.3033 afteryesterday’s $1.3026: 1.
    Yuan Gold Fix
    New York closed $2.78 lower than Shanghai’s close yesterday, with London opening today at a discount to Shanghai’s trading today of $8.22, a slightly widening discount to Shanghai. But London is being pulled up by Shanghai. Chinese demand is sufficient to lift prices there, despite the slower rise in the gold price in London. This bodes well for more rises in London and New York.

    This post was published at GoldSeek on 19 July 2017.


  • Gold and Silver Market Morning: July 18 2017 – Gold and silver markets continue to climb!

    Gold Today – New York closed yesterday at $1,234.00. Londonopened at $1,237.00 today.
    Overall the dollar was much weaker against global currencies, early today. Before London’s opening:
    – The $: was much weaker at $1.1559 after yesterday’s $1.1457: 1.
    – The Dollar index was much weaker at 94.64 after yesterday’s95.21.
    – The Yen was stronger at 112.14 after yesterday’s 112.44:$1.
    – The Yuan was much stronger at 6.7481 after yesterday’s 6.7704:$1.
    – The Pound Sterling was weaker at $1.3026 after yesterday’s $1.3066: 1.
    Yuan Gold Fix
    New York closed $2 lower than Shanghai’s close yesterday, with London opening today at a discount to Shanghai’s trading today of $7.10, the same discount to Shanghai we saw yesterday. But London is being pulled up by Shanghai. Shanghai in turn was pulling back today from its high as the Yuan strengthened, bringing Shanghai’s gold price to the same differential as it had yesterday.

    This post was published at GoldSeek on 18 July 2017.


  • China Small Caps Crash To Lowest Since 2015 Amid Deleveraging “Selling Panic”

    Despite China reporting solid economic data on Monday, with beats across the board in everything from retail sales, fixed asset investment, industrial production and GDP printing at 6.9% and on track for its first annual increase since 2010…

    … despite the biggest net liquidity injection by the PBOC since mid June after the central bank injected a net 130 billion yuan, and despite yet another rebound in the Yuan, overnight China’s Shanghai Composite slumped by 1.4%, the most since December as a result of a plunge in the small-cap ChiNext index, which tumbled by 5.1%, and is now down 16% in 2017 to levels not seen since January 2015 following a fresh round of broad deleveraging amid concerns about tougher regulations and more IPOs following a high-level conference over the weekend attended by President Xi Jinping in which China hinted at the formation of a “super-regulator”.

    This post was published at Zero Hedge on Jul 17, 2017.


  • China Delivers “Surprisingly” Great Economic Data Across The Board, Yuan Yawns

    Following more dismal data from the US, hope for global growth remains in China and they did not disappoint. Despite slumping macro data, a major slowdown in real estate, and the nation’s deleveraging efforts in the last three months, GDP beat, Retail Sales beat, Industrial Production surged, and even fixed asset investment was above expectations. The Yuan hasn’t moved.
    For the last three months, Chinese data has been disappointing, along with US, as the collapsing credit impulse leaks into reality…
    ***
    But exports and consumer spending have been pillars for the economy over the second quarter, offsetting the curb on leverage, and tonight’s data shows that none of that matters.. because the deleveraging economy beat across the board
    China GDP BEAT 6.9% (exp +6.8%, prior +6.9%) China Retail Sales BEAT 11.0% (exp +10.6%, prior +10.7%) China Fixed Asset Investment BEAT 8.6% (exp +8.5%, prior +8.6%) China Industrial Production BEAT 7.6% (exp +6.5%, prior +6.5%) As the charts below show, more of the same well-managed data to show that all is well enough that hope remains…Strong growth again reflects an economy awash in credit, foretold in the latest new yuan loans (1.54 trillion yuan) and aggregate social financing (1.78 trillion yuan).

    This post was published at Zero Hedge on Jul 16, 2017.


  • Gold and Silver Market Morning: July 13 2017 – Gold and silver are rebounding!

    Gold Today – New York closed yesterday at $1,220.30. London opened at $1,222.15 today.
    Overall the dollar was weaker against global currencies, early today. Before London’s opening:
    – The $: was stronger at $1.1402 after yesterday’s $1.1448: 1.
    – The Dollar index was almost unchanged at 95.75 afteryesterday’s 95.76.
    – The Yen was stronger at 113.03 after yesterday’s 113.36:$1.
    – The Yuan was stronger at 6.7821 after yesterday’s 6.7881: $1.
    – The Pound Sterling was stronger at $1.2927 after yesterday’s $1.2855: 1.
    Yuan Gold Fix
    New York followed Shanghai higher yesterday leaving a $2.40 differential. Today, London turned higher, also following Shanghai but raising the differential to $9.27 from yesterday’s $7. All global gold markets are seeing a rebound from the breakdown of the Technical picture from $1,250.
    Silver Today – Silver closed at $15.92 yesterday after $15.84 at New York’s close Monday.

    This post was published at GoldSeek on 13 July 2017.


  • China Creates A Quarter Trillion In New Loans But Analysts Are Worried: “It’s Not Enough”

    Overnight China released its latest monthly credit data which showed that even as China is trying to choke off its shadow banking sector, something we showed most recently last month when we discussed the biggest crash in net bond issuance on record, credit to the broader economy continues to flow, although it comes as M2 crashed to a new all time low and has prompted some nervous analysts to say that even this “crazy” loan creation number may not be enough.
    The details: in June Chinese banks extended 1.54 trillion yuan ($226.9 billion) in net new yuan loans, well above analysts’ expectations of 1.2 trillion yuan, and up from 1.11 trillion in May (which was also higher than the 1 trillion expected). Outstanding yuan loans grew by 12.9%, unchanged from a month ago, and more than the forecast 12.7% increase. Household loans, mostly mortgages, rose to 738.4 billion yuan in June from 610.6 billion yuan in May; these accounted for 48% of total new loans last month, down from 55% in May.

    This post was published at Zero Hedge on Jul 12, 2017.


  • Gold and Silver Market Morning: July 12 2017 – Gold and silver have confirmed the bottom is in!

    Gold Today – New York closed yesterday at $1,216.40. London opened at $1,218.50 today.
    Overall the dollar was weaker against global currencies, early today. Before London’s opening:
    – The $: was weaker at $1.1448 after yesterday’s $1.1396: 1.
    – The Dollar index was weaker at 95.76 after yesterday’s 96.11.
    – The Yen was stronger at 113.36 after yesterday’s 114.32:$1.
    – The Yuan was stronger at 6.7881 after yesterday’s 6.7995: $1.
    – The Pound Sterling was weaker at $1.2855 after yesterday’s $1.2902: 1.
    Yuan Gold Fix
    Both New York and London turned higher yesterday. New York rose to Shanghai’s level again, at the close yesterday and London today went higher but still left a differential with Shanghai at $7 which was lower than yesterday’s differential. All global gold markets have found their bottom.
    Silver Today – Silver closed at $15.84 yesterday after $15.66 at New York’s close Monday.
    LBMA price setting: The LBMA gold price was set today at$1,219.40 from yesterday’s $1,211.90. The gold price in the euro was set at 1,064.23 after yesterday’s 1.063.26.

    This post was published at GoldSeek on 12 July 2017.


  • Gold futures debut in Hong Kong better than expected

    Two newly launched gold futures products in the Hong Kong market debuted to better than expected turnover on Monday, as gold traders credited physical delivery settlement and longer trading hours for the strong start.
    The two products, one traded in U.S. dollars, the other in yuan, mark the third attempt by the local stock exchange to step into gold trading.
    As of 7.30pm – 11 hours after their debut at 8.30 a.m. – 3,098 futures contracts had changed hands. Of these, 2,186 were priced in yuan and 912 in U.S. dollars. Each contract represents one kilogram of gold. They will continue to trade until 1am Tuesday morning.
    ‘The first day’s turnover of the two gold futures was better than expected. The gold market is pretty quiet on Mondays but the fact the HKEX could still achieve such a higher turnover make for a strong debut,’ said Jasper Lo Cho-yan, the chief strategist at King International Financial.
    Short trading hours were blamed by many for the previous failures. The gold futures launched in 2008 only traded for eight hours a day, far below the Chicago Mercantile Exchange in the U.S. which trades 23 hours a day.
    Lessons appear to have been learned; the two new gold futures markets in Hong Kong will trade for 16 hours a day.

    This post was published at South China Morning Post


  • Gold and Silver Market Morning: July 11 2017 – Gold and silver want to confirm the bottom is in!

    Gold Today – New York closed yesterday at $1,214.10. London opened at $1,210 today.
    Overall the dollar was weaker against global currencies, early today. Before London’s opening:
    – The $: was stronger at $1.1396 after yesterday’s $1.1408: 1.
    – The Dollar index was weaker at 96.11 after yesterday’s 96.15.
    – The Yen was weaker at 114.32 after yesterday’s 114.21:$1.
    – The Yuan was stronger at 6.7995 after yesterday’s 6.8034: $1.
    – The Pound Sterling was stronger at $1.2902 after yesterday’s $1.2873: 1.
    Yuan Gold Fix
    Both New York and London turned higher yesterday. New York rose to Shanghai’s level at the close yesterday and London today is pulling the gold price down leaving the differential with Shanghai at just over $9 lower than yesterday’s differential. All global gold markets are looking for a bottom still. But as we mentioned yesterday there is an almost osmotic pressure in London that is shifting physical gold to the Far East constantly, in line with the price differentials between London and Shanghai.

    This post was published at GoldSeek on 11 July 2017.


  • Chinese Umbrella-Sharing Startup “Loses” Its 300,000 Umbrellas In Weeks

    China has a peculiar habit of taking the latest and greatest financial innovation available, and then taking it too far. The latest example is the startup Sharing E Umbrella, which hoping to follow in the footsteps of successful bike-sharing startups, decided to – as the name implies – provide shareable imbrellas. There was just one problem: as the Shanghaiist writes only a few weeks after starting up operations in 11 cities across China, Sharing E Umbrella announced that it had lost almost all of its 300,000 umbrellas.
    While the details are probably superfluous at this point, it all started with a 10 million yuan investment – arguably by a rich, if not too intelligent investor – into the Shenzhen-based company. The concept, at least in theory, was to create a “sharing” ecosystem similar to those that bike-sharing startups have used to great success. Customers use an app on their smartphone to pay a 19 yuan deposit fee for an umbrella, which costs just 50 jiao for every half hour of use. The South China Morning Post reported that company CEO Zhao Shuping said that the idea came to him after watching bike-sharing schemes take off across China, making him realize that “everything on the street can now be shared.”

    This post was published at Zero Hedge on Jul 10, 2017.


  • Gold and Silver Market Morning: July 10 2017 – Gold and silver consolidating at lower levels!

    Gold Today – New York closed Friday at $1,212.40. London openedat $1,207 today.
    Overall the dollar was weaker against global currencies, early today. Before London’s opening:
    – The $: was stronger at $1.1408 after Friday’s $1.1414: 1.
    – The Dollar index was stronger at 96.15 after Friday’s 95.98.
    – The Yen was weaker at 114.21 after Friday’s 113.70:$1.
    – The Yuan was stronger at 6.8034 after Friday’s 6.7990: $1.
    – The Pound Sterling was weaker at $1.2873 after Friday’s $1.2897: 1.
    Yuan Gold Fix
    As you can see Shanghai has not dropped as far as New York or London. The price differential is very wide now on today’s price of $15.94 between Shanghai and London. We have no doubt that today, gold, from the SPDR [GLD} is flowing across to Shanghai via HSBC the Custodian of the gold ETF.
    The big question is will Shanghai pull up London and New York prices or will Shanghai be pulled down to a much narrower differential? At the moment it is New York and London that are pulling prices down, but at the cost of gold flowing eastwards.

    This post was published at GoldSeek on 10 July 2017.


  • Global Stocks Rise Amid Strong Economic Data; Yen Drops To 2 Month Low As Oil Resumes Slide

    In a quiet overnight session, S&P 500 futures are fractionally in the green (2,426, +0.2%) with European and Asian stocks as oil drops second day after an initial ramp higher amid speculation that LIbya and Nigeria may be asked to cap their production. Nasdaq 100 Index are again higher, following the biggest daily advance in more than a week, up 0.4% as of 6:20 a.m. in New York.
    With Friday’s jobs data seen as largely favorable, and the lack of wage growth expected to keep the Fed subdued, focus is turning to Janet Yellen’s semi-annual testimony on monetary policy and a meeting of Canada’s central bank on Wednesday for the latest policy signals from the world’s major central banks. Over the past two weeks, markets have reassessed the outlook for tighter monetary policies from major central banks following a string of hawkish remarks. “We’ll see just how much substance there is to these comments on Wednesday, when the Bank of Canada announces its latest decision, with investors now expecting a 25 basis point increase,” said Craig Erlam, senior market analyst at OANDA. A rate rise from Canada’s central would be its first interest rate rise in nearly seven years
    Global macro markets have traded with a cautiously positive tone as weekend’s G-20 meeting ended without market-moving surprises, while continued hawkish sentiment has pushed benchmark yields modestly higher. The yen slipped to fresh 2-month low against the dollar, trading at 114.22, after trade deficit data and BOJ Governor Haruhiko Kuroda reiterated that policy could be adjusted as needed. In Asia, stocks rose in Tokyo and Sydney, with the MSCI Asia Pacific Index rising 0.3% after hitting a five-week low Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.4 percent while Japan’s Nikkei rose 0.8 percent to a one-week high helped by weakness in the Japanese currency; the Topix Index added 0.5% . Australia’s S&P/ASX 200 Index gained 0.4 percent. Hong Kong’s Hang Seng Index rose 0.7 percent, while shares on the mainland declined 0.2% after the PBOC drained net 30 billion yuan in liquidity after withholding open market operations for the 12th consecutive day even as the yuan strengthens for first time in six days. Dalian iron ore reverses early loss to gain for fourth day.

    This post was published at Zero Hedge on Jul 10, 2017.


  • Gold and Silver Market Morning: July 6 2017 – Gold and silver still stabilizing, where next is critical!

    Gold Today – New York closed yesterday at $1,225.30. London opened at $1,224.00 today.
    Overall the dollar was slightly weaker against global currencies, early today. Before London’s opening:
    – The $: was almost unchanged at $1.1353 after yesterday’s $1.1356: 1.
    – The Dollar index was slightly weaker at 96.22 after yesterday’s 96.25.
    – The Yen was stronger at 113.33 after yesterday’s 113.51:$1.
    – The Yuan was weaker at 6.8037 after yesterday’s 6.7988: $1.
    – The Pound Sterling was stronger at $1.2935 after yesterday’s $1.2908: 1.
    Yuan Gold Fix
    Gold Today – New York closed yesterday at $1,225.30. London opened at $1,224.00 today. Overall the dollar was slightly weaker against global currencies, early today. Before London’s opening: – The $: was almost unchanged at $1.1353 after yesterday’s $1.1356: 1. – The Dollar index was slightly weaker at 96.22 after yesterday’s 96.25. – The Yen was stronger at 113.33 after yesterday’s 113.51:$1. – The Yuan was weaker at 6.8037 after yesterday’s 6.7988: $1. – The Pound Sterling was stronger at $1.2935 after yesterday’s $1.2908: 1.
    Shanghai is steady at higher levels than on Tuesday. New York traded at $5 lower than Shanghai following Shanghai’s close yesterday. Today London opened $9 lower than Shanghai. Today remains a critical day for the gold price in all three global centers as the direction forward is still to be established.
    The gold price can go either way right now.
    Silver Today – Silver closed at $16.03 yesterday after $16.08 at New York’s close Wednesday. The silver price has formed a double bottom, if the silver price moves higher next.

    This post was published at GoldSeek on Julian D.W. Phillips.


  • Gold and Silver Market Morning: July 5 2017 – Gold stabilizing at lower levels, Silver double bottom?

    Gold Today – New York was closed yesterday after closing at $1,222.30 Monday. London opened at $1,223.00 today.
    Overall the dollar was stronger against global currencies, early today. Before London’s opening:
    – The $: was stronger at $1.1356 after yesterday’s $1.1398: 1.
    – The Dollar index was slightly stronger at 96.25 after yesterday’s 96.24.
    – The Yen was weaker at 113.51 after yesterday’s 113.18:$1.
    – The Yuan was stronger at 6.7988 after yesterday’s 6.8025: $1.
    – The Pound Sterling was weaker at $1.2908 after yesterday’s $1.2930: 1.
    Yuan Gold Fix
    Shanghai followed New York nearly all the way down yesterday closing at only $3 higher than New York’s Monday close. Early in its day, but then turned up and is continuing to rise today. We believe that Shanghai does have the pricing power to turn both London and New York today, but we watch carefully to see it this is so. It is a critical day for the gold price.
    We need confirmation of the path of the gold price today as its direction can go either way right now.

    This post was published at GoldSeek on 5 July 2017.


  • Gold and Silver Market Morning: July 3 2017 – Gold slipping before the holiday!

    Gold Today – New York closed at $1,241.40 Friday after closing at $1,244.30 Thursday. London opened at $1,235.25 today.
    Overall the dollar was stronger against global currencies, early today. Before London’s opening:
    – The $: was stronger at $1.1398 after Friday’s $1.1406: 1.
    – The Dollar index was stronger at 95.86 after Friday’s 95.73.
    – The Yen was stronger at 111.99 after Friday’s 112.55:$1.
    – The Yuan was weaker at 6.7880 after Friday’s 6.7793: $1.
    – The Pound Sterling was stronger at $1.3007 after Friday’s $1.2984: 1.
    Yuan Gold Fix
    New York weakened on Friday after Shanghai and London weakened. This morning Shanghai weakened further setting the stage for London to fall. As you can see London is also seeing downward pressure as the U. S. dollar strengthened a little against all currencies bar the Pound Sterling.
    We have yet to see the authorities in China give a signal that they are happy with any particular level of the Yuan. What we do know is that it is unlikely to approach 7.00 against the dollar in the foreseeable future. One should now focus on the Yuan against all currencies, not just the dollar.
    We do see friction increasing between China and the U. S. on the political front and expect to see greater efforts on all fronts to reduce reliance on the U. S. dollar in their reserves as tensions grow.

    This post was published at GoldSeek on 3 July 2017.


  • S&P Futures, Euro Shares Start 2nd Half Solidly In The Green; Oil Rises For 8th Day

    S&P500 futures have started the second half solidly in the green, up 0.3% to 2,429, tracking European markets broadly in the green, while Asian stocks fell slightly and crude oil is little changed. With US markets set to close at 1pm today trading volumes in many markets remain light before Tuesday’s July 4th holiday and as investors await Friday’s report on the American jobs market. Traders will be looking at key upcoming economic data for validation of the hawkish shift from central banks that roiled markets last week.
    The Asian session opened with the Yen initially strengthens following Prime Minister Abe’s shocking election loss in the Tokyo Assembly elections, but later reversing gains to trade materially weaker at 112.95 last, on speculation Abe will be forced to inject more stimulus to salvage his standing amid a muted reaction to strongest Tankan survey since 2014. Australian 10-year yield rise four basis points; T-note yield two basis points firmer at 2.32%; shares in Tokyo and Sydney steady in narrow ranges. MSCI’s broadest index of Asia-Pacific shares outside Japan held steady, staying within a stone’s throw of a two-year peak hit last week. Japan’s Nikkei ticked up 0.1 percent, helped by the solid Tankan report.
    In China, the PBOC drained liquidity for ninth day, pulling a net 70 billion yuan; Hong Kong’s Hang Seng and the Shanghai Composite climbed 0.1 percent amid concerns the world’s second-biggest economy could be slowing down. In Hong Kong financial shares benefited from the launch on Monday of the “Bond Connect” scheme linking China’s $9 trillion bond market with overseas investors. Industrial metals rose across the board after the Chinese Caixin Mfg PMI rebounded back into expansion territory, rising to 50.4 in June from 49.6 in May, and beating estimates. Dalian iron ore 2.3% higher: the benchmark iron ore contract climbed on Friday for its best one-week gain since November and is up almost 22% from its $53.36 June 13 low, which by definition places it in a bull market. China’s bond connect program with Hong Kong will give offshore investors another way to access the mainland’s $10 trillion debt market.

    This post was published at Zero Hedge on Jul 3, 2017.


  • Market Talk- June 30, 2017

    Following a weak US session, Asia fell in sympathy with US prices then levelled as China’s core held in well, especially as PBOC set the YUAN rate at 6.7744 – the highest in a while. China’s Manufacturing data helped Shanghai but the core large cap’s suffered as the Hang Seng lost -0.8%. Japan’s CPI and Manufacturing did not help the Nikkei and that closed -0.9% as the JPY remained with a 112 handle indicating that maybe the ‘normal’ flight to safety
    may be in the process of change. ASX fell on mineral, commodity and ASX bounce to close the day down 1.66% not a great day to finish the month.

    This post was published at Armstrong Economics on Jun 30, 2017.