Although Asian indices opened well on the back of a strong US session, they unfortunately could not hold the levels. Part of the reasoning was the tax Bill would be delayed and having seen the DOW blast through the psychological 24k level many were concerned this delay could threaten Thursday gains. The Nikkei was up over 1% at the open but the uncertainty depleted over half of that gain. The Yen continues to drift with the high 112’s a comfortable trading range as the US markets reopen. Exporters were again leading the way but the weaker currency was a definite factor! Both the Hang Seng and Shanghai indices opened better but the lack of confidence and weak economic data (Manufacturing PMI) added to the uncertainty.
This post was published at Armstrong Economics on Dec 1, 2017.