Tonight's round of baffle 'em with bullshit is courtesy of a diverging AsiaPacific economic picture that is anything but supportive of the 'reality' being painted by China's official PMI (which printed at 51.0 as per expectations at 2014 highs) followed by HSBC China PMI which missed its flash estimate (with employment dropping to 8mo lows). South Korea PMI collapsed to 10-month lows; Aussie PMI faded further into contraction at 48.9; and then Japan's Tankan dramatically missed expectations, tumbling to 9-month lows (only to be followed by a 51.1 Japan print (3-month highs). Just to complete the "picture", Chinese home prices fell for the first time in over 2 years. The result, USDJPY rallies and Nikkei 225 soars 200 points... baffled?
So South Korea plunged... as did Aussie PMI
And Japan's Tankan tumbles to 9Mo lows (but PMI beat to 3Mo highs)
Which was promptly followed by this idiot...
- ASO: TANKAN DATA SHOWS JAPAN RECOVERING MODERATELY
Where?!!! Not even Goldman is buying it...
- Goldman: Tankan Business conditions worsens beyond market consensus
So now we know who is playing J-C Juncker in Japan! Lies moar lies
And China's PMI beat (official) and missed (HSBC) but housing tumbled...via WSJ
China's housing prices fell in June for the second straight month as property developers cut prices to stoke sales amid a glut of housing in many cities.
Many home buyers have stayed on the sidelines in anticipation of further price cuts, while cases of default among smaller developers are rising as companies struggle to repay debt in a souring property market.
Average new-home prices fell 0.5% in June from May, data provider China Real Estate Index System said Monday. Prices declined 0.3% in May from April, the first month-to-month decline since June 2012.
The result - sell JPY and BTFATH!!!