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segunda-feira, agosto 31, 2009

Stronger Yen after Japanese election

Stronger Yen after Japanese election

Yen appreciated against most major currencies after the ruling party in Japan for the better part of the last 54 years, LDP, lost yesterday's election in Japan.

· Japans Democratic Party won yesterday a sweeping victory over the long-ruling conservative Liberal Democratic Party redrawing the political landscape in Japan. Shift will be towards domestic demand, a better relationship with China and a more critical stance towards US. Markets are mixed on the change; Nikkei was up this morning, but retraced during the session and USDJPY and EURJPY is weaker.

· In China, the Shanghai Composite dropped 5.4% after negative corporate earnings results and on the government curbing lending and raw material imports to slow industrial overcapacity. Do expect some volatility in this index going forward as we expect that the government will step in if growth slows.

· Intel raised its sales forecast for this quarter from $8.1 billion to $8.8 billion joining Hewlett-Packard and Dell in predicting a recovery.

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