Asian stocks rose, erasing the relative monthly decline as the South Korean industrial production output increased. The value of the New Zealand dollar rose by 0.1% against the US dollar as the domestic home- building approvals rose to a four- year high. Although the Japanese housing starts are less than expected at 15.5% compared to 16.1% forecasted the value of the key market benchmark index NIKKEI 225 surged 1.5%. TOPIX 500 rose by 1.21% clearly indicating the short term prevailing positive trend in the third largest economy in the world. Sony Corp lost 0.42% of its value as investors` opinion for the company` s TV unit is that its dragging profits down. Sony` s TV unit has lost $8.7bln in eight years, hence analysts` view is that there should be some structural changes. The company has cut the TV sets it offers in the US from 40 to 22. Toyota Motor Corp gained 1.66% as the company announced large profit expectations from the 2013 Toyota Avalon that is to be introduced in the US. Copper rose by 0.69% during the Asian trading sessions, Gold is slightly up +0.04%, Silver increased by 0.35% and the value of the crude oil rose by 0.34%.
The European markets are yet to open and there are some key economic indicators that are to be published today. The German Retail Sales are expected to have decreased by -1.2% on yearly basis. The French Consumer Spending is forecasted to have decreased from 0.4% to 0.2%. The Italian unemployment rate is about to be published and the Spanish government is about to announce its Budget balance, which is expected to be positive considering the tight austerity measures. The most important indicators are the Euro Zone Consumer Price Index which is expected to have decreased from 2.65% to 2.5% and the unemployment rate within the zone which is expected to have increased from the previous 11.4% to the estimated 11.5%.
Things in the US are starting to get in order as the exchanges there are preparing to reopen after the devastating hurricane Sandy. Futures on the S&P 500 and Nasdaq 100 were swinging in different direction and they are currently in consolidation. Key news in mergers and acquisitions on the market is Disney` s willingness to buy Lucasfilm for $4.05bln.
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.