While the Dow has quietly added over 200 points in the last 2 days, the potential for Kuroda and Abe to embark on QQQE has sent Japan’s Nikkei 225 up a magnificently suitable (given the utterly dismal macro data from yesterday) 700 points in the same period. Somehow this jerk higher to near the big collapse-day highs in May makes sense to someone (as TEPCO announces yet another leak). Meanwhile, across the sea, Chinese money-markets are exploding. The last 2 days have seen a combination of no operations yesterday and a big lift in rates today which spiked overnight repo-rates to 5.32% – the highest in 5 months if it closed there – as clearly smaller banks are desperate for liquidity. FX markets are seeing weakness continue in Indonesia, Thailand, and the Philippines. So, all-in-all, total chaos…
TEPCO first – because that is just a fucking shambles:
- *TEPCO FINDS NEW LEAK FROM FUKUSHIMA FLANGE-TYPE TANK: KYODO
- *TEPCO SAYS TANK WATER LEAK ABOUT A DROP IN 4 SECONDS
- *TEPCO PLANS TO PAY PART OF DECONTAMINATION COSTS, KYODO REPORTS
But Japanese stocks are soaring… makes perfect sense after last night’s total #fail for Abenomics… USDJPY is back over 100… so that must be good (Venezuela here we come)…
as The NKY plays catch-up to The Dow once again…
And while the world is awash in liquidity, the locals in China are getting restless – as overnight repo sees the bigggest 2-day spike in 5 months on the back of a non-reverse-repo day and modest tightening by the PBOC on its rates…
Charts: Bloomberg
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/LKMI3qNeRq8/story01.htm Tyler Durden