In all likelihood this week will end with another rise – the seventh in a row – in Asian markets. The MSCI Asia Pacific equity regional index it's rising 0,6% by mid-day. Paradoxically, the worst-than-expected estimate for US GDP for the 1st quarter (which is expected to fall by 2,9% annualized compared to the +0,1% of the preliminary estimate) has raised expectations of a rebound, given that the second-quarter data they were uniformly positive.
Today's private consumption estimates for May should confirm the rebound, while yesterday's data on durable goods orders signal the robustness of capital goods purchases. In Tokyo, the Nikkei rose by 0,2%, held back by the yen which strengthened slightly, to 101,8 against the dollar. In China, three IPOs on the first trading day soared by 44%, to the upper limit of the upside. The Shanghai-Shenzen stock index has yielded little so far, but at least China's stock market capitalization is rising.
The euro is also slightly strengthening, at 1,363 and gold remains high, at 1317 $/ounce. WTI oil is more or less stable on the highs of recent days, at 106,7 $/b.
