What a fascinating chart showing what a statistically interesting day yesterday's US market fall was:
...but I would agree with the report authors that further stimulus should not be ruled out. To this end I see a Bloomberg report that US$1 trillion worth of projects may be accelerated...
As for the other major Asian PMIs...nothing of major interest:
Japan 51.7 'moderate pace'
India 52.9 up for the 8th month in a row
Asian markets unsurprisingly weak today...and no surprises that rates are not expected to go anywhere soon. I see both Japanese and Australian bonds making new yield lows today.
Of course such an environment does favour gold and I was struck by this press release by CME Group...
- Gold Kilo Futures will provide global gold market with precise risk management instrument
- New product will be specifically tailored for price discovery in the Asian market and physical delivery in Hong Kong (link here).
...especially as money printing in certain parts of Asia continues apace:
Japan Monetary Base (YoY) Dec: 38.2% (prev 26.7%)
Monetary Base (Dec): JPY 275.9 Tln (prev JPY 262.7 Tln)
Finally...some good news for Japan via the weaker yen over the last couple of years: