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8 Feb 2013
Forex Flash: Asia supported by Chinese data – BTMU
Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that subtle verbal intervention by Draghi looks to have proved enough for now.
He notes that the Asian equity markets are largely higher on the day although Japan is a clear under performer after Sony recorded an eighth consecutive quarter of losses – the share price fell just over 10% on the day.
He writes, “The rest of Asia is being supported by the positive data from China. Trade data there revealed much stronger than expected exports, which jumped 25.0% in January from a year earlier, up from 14.1% in December. The annual inflation rate also eased from 2.5% to 2.0%. The Chinese new year holiday commences this weekend meaning many markets will be disrupted next week during the holiday period.”
He notes that the Asian equity markets are largely higher on the day although Japan is a clear under performer after Sony recorded an eighth consecutive quarter of losses – the share price fell just over 10% on the day.
He writes, “The rest of Asia is being supported by the positive data from China. Trade data there revealed much stronger than expected exports, which jumped 25.0% in January from a year earlier, up from 14.1% in December. The annual inflation rate also eased from 2.5% to 2.0%. The Chinese new year holiday commences this weekend meaning many markets will be disrupted next week during the holiday period.”