Listen, the Nikkei fell again on Friday, and that is totally unacceptable.
As you know, Thursday was a rollercoaster for Japanese equities which, thanks to a harrowing late afternoon decline following a move higher in the morning, were subjected to the largest one-day swing in a year.
Well on Friday, things were more orderly, but the Nikkei was down more than 0.8%. Here’s the two-day chart:
That yellow highlight shows where it all briefly went to pieces on Thursday.
Of course, this is just nitpicking and coal mine canary hunting. The Nikkei is still sitting near its highest levels since late 1991 and the MSCI Asia Pacific has risen for six weeks in a row and has gained in 16 of the past 18 weeks. In short, everything is still going pretty well:
Be that as it may, there were some things to worry about on Thursday – we documented them pretty extensively here.
On Friday morning, Deutsche Bank’s Jim Reid has got some thoughts on the new “flies” in the market’s “ointment”, and he’s going to write about them on his way back to London using a brand new iPhone X.
The upshot: what you’ll read below is actual history, folks. These are excerpts from the first global research note ever written entirely on an iPhone X.
Via Deutsche Bank’s Jim Reid
