Japanese Stocks Tumble To 13-Month Low Against Dow After 35th …
After trading well above the Dow at last year’s peak (and equal with it at 2013 year-end), the Nikkei 225 is now almost 2000 points below the level of the Dow – a 13-month low. Trading not far off the EM-crisis lows of January, Japanese stocks are fading as JPY can’t sustain any offer and carry-trades are unwound. Not helped by yet another in a long and illustrious list of mssed trade balance figures since Abe took the helm. Elsewhere in Asia, USDCNY traded up to almost 6.20 (the Maginot line for many derivatives trades) and does not look like the PBOC has it under control and copper has dumped from earlier US exuberance; iron ore is flat; and Chinese stocks are down (along with US futures fading modestly).
35th consecutive trade deficit and 8th miss of last 9… J-Curve any day now… (as exports miss and imports jump – just wait til after the pre-consumption-tax-hike surge is wiped out).
Which leaves the Nikkei at 13-month lows against the Dow…
US futures are leaking lower as JPY cary unwinds…
Copper spilled…
and USDCNY does not look like the PBOC has it under control…
But apart from that – s’all good ahead of FOMC tomorrow.
Charts: Bloomberg
Bonus Chart: The much-anticipated $3bn IPO of Japan Display is a disaster!! -17% from its IPO opening and so sign of algo saviors for now…
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Japanese Stocks Tumble To 13-Month Low Against Dow After 35th …
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