Futures were quiet last night and stayed quiet, the BOJ tried to talk the Yen down and it didn't work, around 8:20 there was a small downdraft, but it did nothing for E?UR/JPY and nothing for ES which is near unchanged from yesterday's 4 p.m. print.
The Nikkei (as suspected) closed red, down 104 points (similar to the Dow in size).
US Housing Permits came in at a high not seen since June of 2008, but there was no growth in single family units, 620k from 615k, it was all in structures of 5 units or more, rentals.
There's opinions that this is a head fake move on permits so private equity can dump their rental portfolios and others say it's genuine, it's a bubble for sure and the days of the single family home seem to be gone.
China is tightening lending conditions, overnight to keep banks from exceeding their loan to deposit ratios to cut down on excessive credit lending, apparently no one learned anything across the world. My wife's family are thinking of buying rental units in the US as they are advertised everywhere across the internet.
Remember for those of you outside the US, we have a holiday shortened week, Thursday closed and Friday a half day.
5 years ago
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