The week opens positively in Asia. Markets in Japan, mainland China and Vietnam are closed for holidays, but in the rest of Asia the MSCI Asia Pacific Excluding Japan (MXAPJ) index rose 0,4% and could therefore end the day at its highest level since late February . Behind this rise are higher-than-expected corporate earnings reports; good news that has for the moment eclipsed the usual worries about the European sovereign debt catchphrase. The companies making up the index have a collective p/e of 11,9, which compares favorably with the S&P13,4's 500 (in Europe, the Stoxx 600 is even lower at 10,8).
Korean business confidence indicators rose, and the good mood of the markets was also supported by data from Australia and New Zealand. The Reserve Bank of Australia is expected to lower rates tomorrow, and the Sydney Stock Exchange is reacting positively. In New Zealand, building permits have risen to the highest level for two years: there, as in Japan, support for activity is given by the reconstruction after last year's disasters (earthquake in Christchurch in February and tsunami in March in Japan).
http://www.bloomberg.com/news/2012-04-30/asian-stocks-rise-as-commodity-prices-climb.html
