All praise Asian shares!

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by Chris Becker

No news is good news it seems with the very positive US lead overnight turning into a huge rally here in Asia come lunch time.

Here’s the basic scoreboard (h/t to Patrick McGee):

  • Nikkei +5.4%
  • Topix +4.4%
  • Shanghai +1.9%
  • Shenzhen +3%
  • Hang Seng +2.7%
  • ASX +1.6%
  • S&P 500 futures: +0.4%

Aussie dollar is having a go too, now at 70.6 cents against USD, 85.1 against Yen. Actually Yen is on a tear, with the USDJPY pair zooming up to 120.40:

USDJPYM30

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Comments

  1. The angle on the upswing beginning after lunch yesterday and continuing today is so constant it could be used a set square. Definitely no National Team there.

    • Josh MoorreesMEMBER

      Maybe they have realised that telling the world that they are the only thing holding the market up wasn’t the best play. now they are telling the world that they aren’t intervening anymore. And it would certainly appear that the world has bought it. Crazy thing is this will roll around the world just to start up again tomorrow,

      • Josh MoorreesMEMBER

        yeah but we all know the afternoon and he last hour are when they do most of the intervention so not much point getting excited about a small dip at midday. Lets go out on a limb and predict 5% up for the day. That will push Nikkei out to 6% + for the day.

  2. Josh MoorreesMEMBER

    Lets see if the national team has blown their load too early or if they have enough funds to go like this all day. Has been a virtually straight line ramp since yesterday afternoon so keeping it up they could easily finish the day at 5-7% up. Everything is awesome. Helps when volume is virtually non existent now in Chinese futures down 99%!

  3. All based on hot air!
    China trade figures were that bad it was seen as positive! (hope for a better future)

  4. In fact the rally is because the economic news was so bad. Such bad results should aid speculators! And round and round we go …. until we don’t

    • Josh MoorreesMEMBER

      welcome to the new normal where bad news is great for risk markets and good news is bad. But remember the market reflects fundamentals.