Another good day in Asia
The MSCI Asia Pacific regional index, which initially fell due to the collapse of retail sales in Japan, has recovered and is now 0,3% above its February low, and at its highest level since last November . P/E ratios are attractive in Asia; in China they are incredibly low and Tokyo is also palatable.
The Descent of Japanese retail sales it was widely expected for April: the purchases had been brought forward to March to 'beat' the three-point increase in VAT, but the drop (by as much as 13,7%) was higher than expected. However, optimism persists, and even if the second quarter of GDP in Japan will not repeat the stellar story of the first (almost 6% annualized rate on the previous quarter), the economy continues to be on a growth path.
The euro returned just above 1,36 against the dollar and the yen strengthened slightly to 101,7. Gold still weak, at 1258 $/ounce, and WTI oil at 103 $/b (109,9 Brent).
