We need to go back to June 9, 2008, well before the bankruptcy of Lehman Brothers, to find a higher value of the stock index of the Asian area. The MSCI Asia Pacific Index (the markets in Hong Kong and Bangkok are closed for holidays) is rising by 0,4% in the early afternoon in the Far East, supported by the Tankan survey which signals that optimism for the big ones is holding up well and Japanese medium-sized enterprises. Above all, even in the aftermath of the VAT increase, which should have had a depressive effect, Japanese producers signal investment intentions beyond expectations. The Topix in Tokyo is rising by 1,2% (like the Nikkei), with the yen at 101,45 (but yesterday it strengthened to 101,24) . In China, the 'official' PMI index is still above 50, rising from 50,8 in May to 51.0 in June (the final reading of the other PMI, the Markit-HSBC, gives 50,7 against 49,4 in May).
Gold is 'evidence of recovery': the assets of the largest ETF linked to gold – the SPDR – are rising and the prices of the yellow metal have reached 1327 $/ounce.
The euro gains against the dollar, to 1,369 and oil is more or less stable: WTI 105,7 $/b. Futures on Wall Street and London little changed.
