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Market Talk – December 5, 2018

by Martin Armstrong
Armstrong Economics

Having seen a worrisome 800 point decline in the DOW, Asia opened on an equally cautious note. All core indices opened at least 1% lower with only Shanghai and the Australian All Ord’s showing any kind of a recovery (despite some poor data). Many are concerned over the inversion of parts of the Treasury curve and as a result is seeing risk scaled back and money being taken off of the table. However, we did see some positive economic data released in China (PMI) and that probably was the main reason given for their stock recovery. The Nikkei managed to scrape its way back to close just -0.5% down, but after a dreadful opening that was a good result. The Yen did not continue its safe haven bid and is seen back with a 113 handle late in European trading.

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