UA slight weakening (0,4%) of the Japanese currency was enough, as expected, to make the Tokyo stock exchange bounce. The Topix index – which has a larger capitalization than the Nikkei – still has room to grow, despite gaining 1,6% today (early in the afternoon) and 32,6% year-to-date: l The index has a price to book ratio of 1,21, compared to 2,48 for the S&P 500 and 1,70 for the Stoxx Europe 600.
Japanese industrial production in June fell more than expected by marking -3,3%. But the series is very volatile, and the forecast for July is +6,5%, implying that the upward trend remains intact. The unemployment rate fell to 3,9% (from 4,1% in May), the lowest level in the last 5 years.
The MSCI Asia Pacific regional index is up around 0,5% and is on track to end the month positively. In the currency field, the euro is stable at 1,326 and gold is also stable (1321 $/ounce). Oil is little changed, at 104,3 WTI and 107,3 Brent. Wall Street and London futures are slightly positive.
