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All quiet before the Shanghai Index opens
Very quiet so far with all the majors trading within a tight range. That may all change come the open of the Shanghai index, which fell nearly 7% yesterday.
Also out is China PMI at 0100GMT and the China CSLA PMI out at 0230GMT.
USDJPY sees buyers in the 92.50-70 zone with some large stops below 92.50. Topside should be limited to 93.50-80, with talk of exporters on top. Technically USDJPY is well below the Ichikomu cloud and the descending 200day MA at 94.80. A break above the tenkan line at 93.80 is needed to change the sentiment.
Andy Xie: Shanghai Index may fall another 25%
Here is a good peice by Andy Xie on Bloomberg, saying that the Shanghai Index may drop another 25% as China’s economic recovery is not sustainable.
All eyes on Shanghai Index today.
Dutch August Manufacturing PMI rises to 50.5
The Dutch manufacturing industry grew in August for the first time in 14 months as output and new orders continued to improve. Seansonally adjusted the index rose to 50.5 in August from 46.6 in July.
IMF says Singapore’s Monetary Policy Settings broadly appropriate
The International Monetary Authorities said Singapore’s monetary policy was broadly appropriate and should keep rates at present levelsuntil an economic recovery was clearly underway. They also said that the Singapore dollar appears to be somewhat weaker than its medium term equilibrium level.
South Korea August exports -20.6% yr/yr
South Korean August exports fell 20.6% from a year ago. Forecast was for afall of 19.1%.
August Trade Balance $+1.67 Bln vs revised $+4.4Bln in July.
August imports were down 32.2% from a year earlier. Forecast was -32.2%
Nikkei opens down 0.37%
Markets will once again eye the movements in the Nikkei and the Shanghai Composite.
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