Yesterday the Dow Jones (but not the S&P 500) recorded a new high, waiting for the second quarter earnings data. But it is not just a short-term vision that looks at three-month profits: the structural determinants of growth are alive and vital in America, from the consolidation of the debt position of households to the public deficit under control.
The optimism in America was reverberated in Asia, where markets rose again today: the MSCI Asia Pacific regional index is up 0,4% in early Japanese afternoon. In China, data on yuan loans were positive and better than expected, as were foreign direct investment inflows.
Chinese local governments are increasing investment spending to support the economy. In Tokyo, the Nikkei is rising by 0,7%, with the yen slightly weaker, at 101,6 against the dollar. The euro changed little, at 1,362. The price of gold falls further, to 1308 $/ounce, and oil remains weak, at 101 $/b.
