ANZ Bank believes emerging Asian economies are unlikely to see a quick recovery in GDP growth.
Finished goods inventories increased among Chinese manufacturers in June, reports CLSA. This is very unusual for the industry.
China’s Purchasing Managers’ Index recorded the smallest of the smallest gains possible in June. Let’s call it a draw.
Wall Street traded higher last night on very light volume. Dow up 90.
Some good earnings results, a positive bond auction, and a Bernanke denial broke the spell of nervousness last night. Dow up 170. (Locked for subscribers until 10:00 AEST)
Asia’s status as a major importer means further price gains for oil commodity could impact on economic growth rates in the region.
Standard Chartered has lifted its growth forecast for the Chinese economy this year on the back of the fiscal stimulus but still sees solid rather than spectacular improvement in 2010.
The Dow struggled, while the broader market pushed a little higher on a quadruple witching day bereft of the normal volume and volatility. Dow down 0.2%.
A short-term correction in commodity prices is likely, but by year’s end stronger prices are expected as fundamentals improve.
Marius Kloppers chatted to stock analysts yesterday over vegemite toast about iron ore demand and the Rio JV.