The optimism that lifted the MSCI Asia Pacific Asian regional index by 11% from the low point in June it has tarnished. But, in the absence of explicit bad news (indeed, it seems that even in Germany it is no longer taboo to make some concessions to Greece), this pause looks more like a consolidation than a retreat. The proximate cause of the index's fall of around 0,7% today is linked to a larger-than-expected trade deficit in Japan. Even if, from a macroeconomic point of view, everything that leads to a reduction in surpluses (not only Japanese, but also Chinese, as is actually happening) is a positive contribution to easing international current balance imbalances.
THEeuro maintains yesterday's gains, at 1.246 against the dollar. And oil climbs towards 97 dollars a barrel.
