Le stock prices in the Asian area are below the level of the beginning of the year, after having reached a maximum of +12% on February 29th. Yesterday the drop compared to 1 January was 0,9%, and today's slight progress (+0,2%) will not correct the decline. Again compared to the beginning of the year, the 'minus sign' of the regional index compares with +5,3% of the S&P500 and -0,5% of the Stoxx 600. The 'usual suspects' – sovereign debt crisis in Europe, Spanish aid and heart-pounding Greek uncertainties – are responsible for these nervous expectations. But markets still cling to every scrap of good news, and today it came with machinery orders in Japan: while the seasonally adjusted total receded from the previous month, the most closely watched measure – orders net of volatile items – rose more than expected.
The euro is back below 1,25 and the yen remains between 79 and 80 against the dollar.
