Asian stocks have gained nearly 5% since the start of the year which, for lovers of statistics, is the most fulminant start to the year since 1988. The reasons are those predicted several times in these columns. On the one hand, the American economy remains on a path of recovery. Those who contemptuously described the vivacity of the prices at the end of 2011 as a 'Santa Claus rally' had to change their mind. On the other side, growth in China continues and the Chinese economy – a bicycle that if it stops falls and for this very reason will not fall – continues on its march.
The Chinese authorities continue in the campaign of pro-growth measures, to the point of doing the opposite of what is done in the West: lightening the application of the capital ratios of banks and exhorting them, with word and gesture, to continue to lend money to the real economy, even at the risk of deteriorating the relationship capital/assets.
The MSCI regional index rises by 0.8%, oil consolidates and raw materials such as copper also strengthen with the best growth prospects. Euro keeps gains, under the influence of news from Washington: IMF prepares a reinforced safety net for euro countries.
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