To start the week, and to conclude the month of September, we have two different stories coming from Asia: on one end, Japan Nikkei fell 4% as the new prime minister is perceived to be opposed to the dovish central bank policies of the prior administration. On the other end, the Shanghai Composite index has surged 8% on the news that the PBoC has rolled out some additional measures whereby mortgage rates will be reduced for first and second homes and down payments will be reduced as well to 15%. On the back of those measures, and the performance of China equities, European luxury goods and automobile stocks, U.S. casinos and iron ore stocks surged as well, after months of poor performance. Will the Asian Dragon be able to maintain its fire?
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