In the early Japanese afternoon theMSCI Asia Pacific index is up 0,5%, driven by the Nikkei celebrating a yen weakening again, above 97, and by the rumors of a reduction in the corporate income tax. Upon examination of Japanese government, in view of next year's VAT increase, is a measure to reduce corporate taxes, aimed at counterbalancing the deflationary effect of the increase in taxation on consumption. The machinery orders in Japan they were down in June from the previous month, but the year-on-year increase was higher than expected.
Of the companies covered by the MSCI Asia Pacific index, 51 per cent of those – the majority – reporting second quarter results saw earnings grow more than analysts expected. For Nikkei companies, earnings, driven by the decline in the yen, have doubled from a year ago.
In the currency field the euro strengthened above the 1,33 level while gold holds the latest quotations around 1334 $/ounce. WTI oil stable, just above 106 $/b. London and Wall Street futures are slightly positive.
http://www.bloomberg.com/news/2013-08-13/asia-stocks-rise-for-fourth-day-as-japan-s-topix-advances-on-yen.html
