Markets in Asia are still gaining despite the fall in Chinese exports
The MSCI Asia Pacific index recorded a 0,5% gain in the Far East in the early afternoon, thus limiting the distance from the five-year high reached on 9 May to 20%. Helping, of course, is the positive close on Wall Street last night. The periodic meeting of the Japanese central bank should not bring significant news, and the purchases of securities are seen to continue at the previous pace: some expected accelerations, but in fact much of the previous stimulus is in the physiological pipeline and has yet to exert its effects.
Chinese exports fell by 3% in June compared to last year. Which isn't necessarily bad news: it underlines how growth, which continues, has domestic demand as its main source and not exports.
The euro lost ground to 1,278 and the slight strengthening of the yen, which nevertheless remained above 100 against the dollar, did not prevent the Tokyo stock exchange from making slight progress. The markets expect that in the next elections (July 21st) the government of Shinzo Abe will be able to strengthen its majority and start reforms for growth.
Oil rises again, just above 104 WTI (107,8 Brent) – it is the highest level for 14 months – and gold has instead fallen back to 1243 $/ounce.
http://www.bloomberg.com/news/2013-07-10/asian-stocks-rise-led-by-raw-material-suppliers-ahead-of-boj.html
