Japan's GDP was stronger than expected,sending markets up across the APAC region on Monday,with the MSCI Asia Pacific Index rising 1.03.The GDP figure was -1.3,showing a faster recovery from the March earthquake and tsunami than had been imagined.Societe Generale described it as a V-shaped recovery from the disaster.By September,industrial production will have fully recovered.Supply chain disruptions are easing as parts manufacturers pick up the pace.
Things are not quite as rosy in China.Daiwa Capital has cut its growth target for China and raised the inflation outlook.In Hong Kong,apartment sellers have cut their asking price as the 70% surge comes to an end.Daiwa Capital also says the Hong Kong economy is halfway into a recession.Chinese equity mutual funds are reducing their stock allocations.
New U.S. ambassador to Beijing Gary Locke,who is of Chinese descent,said his priority was to increase understanding and cooperation between the two countries.If U.S. and Chinese businesses and scientists work together,they can solve not only U.S. and Chinese problems,but those of the whole world,Ambassador Locke said upon his arrival with his family in the Chinese capital.
In Hong Kong,it was 90F under scattered clouds Monday morning.The wind was W at 10 mph,and the humidity was 66%.
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