A weak market close for most of the Asian indices today but saw the KOPSI and ASX off around 1.55% the pair. The Nikkei gave up another 0.6% as the yen trade back to the mid 110’s. With Shanghai the only core that closed positive even the Hang Seng fell -0.6%. The sell-off was broad based but financials seemed to take their share of the beating, possibly influenced by European declines and notably that of Deutsche bank. The late news that the US Senate had voted down the Obama appeal certainly didn’t help sentiment. Japan did see a weaker Retail Sales release (2.1% versus a 2.3% expectation) with an inline Consumer Prices number.
This post was published at Armstrong Economics on Jul 28, 2017.