The MSCI Asia Pacific regional index fluctuates in a narrow range of ups and downs at the start of the week, posting a p/e of 13,8 versus 16,8 for the S&P 500 and 15,6 for the Stoxx Europe 600. Markets are closed for public holidays in China, while Tokyo advances slightly (+0,1% Nikkei towards the end of the day) with the yen above 105.
China's trade surplus jumped to almost 50 billion dollars in August, with a good performance of exports (+9,4%) and an unexpected contraction of imports (-2,4%). It was thought that the baton of growth in China was passing to domestic demand, but two months of contraction in imports (on the same period last year) seem to indicate otherwise. The wealth effect resulting from the housing crisis makes consumers more cautious.
The euro remains just above 1,29 (1,294) and gold rises slightly, to 1271 $/ounce. WTI crude oil loses one dollar and reaches 93,4 $/b (Brent: 100,8). Stable equity futures in London and New York.
