The good news on the real economy supported markets in Asia: US durable goods orders last night fared well beyond forecasts, while this morning the confidence of producers in both Korea and Australia made a big leap forward. Oil prices, which today are trying to reach 97 $/b, are sensitive antennas for the prospects of world demand, at least when they are not disturbed by local supply problems, from typhoons to geopolitical tensions. Copper quotations – another sensitive antenna – also rose for the second day.
In the early Japanese afternoon, the MSCI Asia Pacific regional index recorded an increase of 0,7%. The Sydney Stock Exchange (a good indicator of growth prospects in Asia given Australia's preeminent position as supplier of raw materials to Asia's voracious furnaces) rose 1,1%.
The euro remains strong, around 1,345 and the yen withdrew slightly, just below the 91 level, however maintaining the depreciation trend.
