Strengthening yen hurts exporter stocks in Tokyo. Hong Kong slips as investors learn rumor of U.S. rate cut was false. Australia and South Korea also decline. Shanghai bucks trend, nudges up.
This is the second time I burst into audible laughter at reading a headline today. The above was on cbs.marketwatch a few minutes ago. Did anyone legitimately trade on the rumor that the Fed was cutting rates after two Fed chiefs spoke very strongly against cutting rates in December much less less four days later. We may indeed have an emergency rate cut but the Fed would have lost all credibility (in my mind they have very little if any left anyway) to be scheduling an emergency rate cut today.
Sometimes if you need a smile, just surf through some financial headlines.
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