Good news is still bad news after all.
After last night's China 6.7% GDP print which while the lowest since Q1 2009, was in line with expectations, coupled with beats in IP, Fixed Asset Investment and Retail Sales (on the back of $1 trillion in total financing in Q1)...
Because - absent any data whatsoever and nothing but a headline about Aso and Lew having a cozy chat about FX manipulation and The BoJ's "receptiveness" to buying more ETFs - USDJPY spiked 30 pips at the open, and drum roll please, Nikkei 225 futures went 200 points vertical without blinking an eyelid.
Efficient-markets and price-discovery - don't you love it?
Via Dana Lyons' Tumblr,
A key index of oil stocks has moved back above its (temporarily broken) 30-year up trendline…for now.
In another quiet overnight session, the biggest - and unexpected - macro news was the surprise monetary easing by Singapore which as previously reported moved to a 2008 crisis policy response when it adopted a "zero currency appreciation" stance as a result of its trade-based economy grinding to a halt.
Submitted by Jeffrey Snider via Alhambra Investment Partners,