Good morning, and welcome to the final day of what’s been a tumultuous and interesting month.
The big story is what’s taken place over the last week, as Japan has violently had its rally snapped, with a series of huge declines.
In Friday trading, the Nikkei was up just 1.37%. That’s actually pretty pathetic given the severity of the declines (the market was down 5% this Thursday alone) and it also came following rumours about the big Japanese pension fund shifting some money from Japanese Government Bonds into equities.
Meanwhile, Europe is red. Italy is off about 1%. Germany is down 0.7%.
And US futures, which rallied yesterday, are modestly in the red.
The other big story is that emerging markets currencies are getting smoked, which is a big continuation of a trend we’ve been seeing in recent days.
Matthew Boesler examined the reasons behind the South African Rand’s fall in a long post yesterday.
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