The MSCI Asia Pacific index (excluding Japan, whose market is closed today) was up 1.2% at the end of the Asian day. And today a flurry of economic data in America (from consumer spending, in the more comprehensive version of the national accounts, to durable goods orders and new home sales) should confirm the good news about the resilience of the American economy.
Especially important in this regard is the weekly data on unemployment benefits, which reassured the markets: the sharp fall recorded two weeks ago was not a causal event, but is part of a genuine trend towards an improvement in the labor market, also confirmed by the better tone of consumer confidence and supported by a further rise in leading indicators. Oil, which only a few days ago had dropped to 93 dollars, has recovered strongly and is close to 100 dollars a barrel. The news will not please consuming countries, but it responds to the improvement in the prospects for world demand.
Read also: Bloomberg
