After a few negative days, Asian markets opened the week with a modest rebound as Portuguese bank Espiritu Santo's problems appear to have subsided and second-quarter earnings expectations in America and Asia are turning cautiously optimistic (in the US approximately 150 companies will report earnings in the next two weeks); analysts' estimates show profits up (over the year) by 4,5% and revenues up by 3,1%. Both estimates have been reduced, however, compared to a previous (early April) 7,3% and 3,7% respectively.
The MSCI Asia Pacific regional index is up 0,4%: it records a p/e of 13,3 against 16,6 for the S&P500. In Tokyo, the Nikkei rose by 0,8% in the middle of the day and the Chinese stock exchange (Shanghai-Shenzen) by 0,3%. The euro is more or less stable, at 1,36 against the dollar and the yen at 101,4. The yellow metal is just below the recent highs, at 1334 $/ounce (Goldman Sachs reiterated a downward judgment), while oil drops sharply and registers 100,6 (WTI): the rebels of eastern Libya have pledged to maintain crude oil export terminals open.
