Trade The News | Apr 22, 2013 07:55AM ET
Economic Data
(as of 03:30 GMT)
The Nikkei225 soared at the open, extending receing gains following overall positive comments out of the G20 meeting in Washington over the weekend. The finance ministers agreed that Japan's easing measures were intended to tackle deflation, but also added that the government must define a credible mid-term fiscal plan. As hinted in the draft communique, the G20 document accepted Japan's policy was not aimed at weakening the yen, pushing USD/JPY within an earshot of the ¥100 handle.
Chinese markets were slightly lower with the Shanghai Composite down 0.4% at the open. Relative weakness was attributed to the devastation of a magnitude 7 earthquake in the Sichuan province over the weekend that left 200 dead, over 10K injured and local infrastructure in shambles, even though local officials said there would be minimal long-term economic impact.
In the euro zone, political deadlock in Italy remained in focus after an abrupt resignation of center-left party leader Bersani on Friday. Despite the growing uncertaintly, local commentators noted that the decision by Pres Napolitano to remain in his post beyond the end of his term in May was a positive development that would help usher a stronger govt. Euro opened the week slightly higher against its counterparts, rising about 30 pips against USD and 20 pips vs GBP to 1.3080 and 0.8590 respectively.
Currencies/Fixed Income/Commodities
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