The month is ending with another gain in the MSCI Asia Pacific regional index, which posts a p/e of 13,7. The further progress of Tokyo (+0,4% for the Topix) favored by a yen that slips again, to 102,8 against the dollar, is matched by a slight retreat in the rest of Asia. However, fundamentals remain solid: Of the companies in the regional index reporting second-quarter earnings, 60% outperformed analyst expectations.
Geopolitical tensions advise prudence, but the market is consolidating the high levels reached, as in America, where Wall Street yesterday closed at the levels of the day before. Gold, back below 1300, is 1295 $/ounce. Oil inventories in the United States remain high, which has pushed crude oil below the 100 mark: WTI stands at $99,7/b and Brent at 106,3.
In the currency field, the euro is still feeling the effects of the strength of the dollar (US GDP in the second quarter rebounded towards an annualized growth of 4%) and stands at 1,339. Equity futures are stable on London and slightly negative on Wall Street.
Attachments: The Bloomberg article
