With every sub-index decreasing or deteriorating, it is no surprise that China’s HSBC Manufacturing PMI missed expectations. At 48.3, this is the lowest since July of last year with the employment sub-index the lowest since Feb 2009. Markets are not happy that the dream of a sustainable escape velocity growth miracle is not coming true and for now bad news is bad news (as The Fed’s minutes suggested they will – just as Yellen stated and the market ignored – stay the course on the taper). USDJPY and the Nikkei 225 has erased all their post-BoJ gains on this news.
USDJPY and Nikkei 225 have erased all gains post BoJ
via Zero Hedge http://ift.tt/MC9xLr Tyler Durden