Japanese stocks are confused this evening (whether good news is bad news or bad news is good news). The headline Tankan business conditions (soft-survey) beat expectations modestly (a la Europe’s in the summer as it rode a wave of short-lived optimism) and pressing to 6 years highs (oh no – less QE?) But, the more forward-looking “manufacturing outlook” missed expectations by the most since March 2012. On the services side, things were worse, as the outlook there missed for the 11th quarter in a row. And the triple-whammy was the Capex spend missing expectations significantly (what no investment? where have we seen that before). The result – mixed news is bad news – Nikkei futures are down 150 from Friday’s close and JPY crosses have drifted back lower.
Headlines are “good” but the details are “bad”
And stocks are disappointed…
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/jd1HFLwjZEo/story01.htm Tyler Durden