Somewhat disastrous trade balance data from Japan - with exports dramatically worse-than-expected (EU exports -25.1% YoY) and imports worse-than-expected (which will come as no surprise to any ZH reader given Europe's depression and has crushed JPY crosses overnight (especially AUDJPY) which is exactly what we said at the close today was required to extend today's equity weakness. Sure enough, S&P 500 futures are down over 6 points from the close now - and trading below day-session lows.
For those too lazy to click on the hyperlink above, here again is the chart we showed earlier in the year when we gloated over the now rotting carcasses of decouplers everywhere (looks like decoupling has been "greenshot" again, hopefully this time for good), which explains why without a healthy Europe there can never be a global recovery:
Japan Exports missed by the most in a year - pretty much to their lowest since 2009.Stunningly, European exports are -25.1% YoY!
which sparked AUDJPY (and carry FX in general) to slump...
which is implictly dragging S&P futures down - below day-session lows (on decent overnight volume)...
Zero Hedge
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