| Market Analysis Forex - 31 08 2011 |
 Asian stocks today closed mixed with Japan up +1.16%, China -0.39%, Australia +0.14%, South Korea +0.79%, India +1.59%. Asian stocks received a boost after US personal spending rose more-than-expected, which may keep demand strong for Asian exports. Japanese stocks closed higher, led by gains in makers of consumer electronics, after the Yomiuri newspaper reported that Sony will form a joint venture with Toshiba and Hitachi which will become the world's biggest manufacturer of liquid-crystal displays. Gains in Japanese stocks were limited after the July Japan jobless rate unexpectedly rose +0.1 to 4.7% and Jul Japan retail sales unexpectedly fell -0.3% m/m, weaker than expectations for a +0.5% m/m increase. Stocks in India closed higher after Q2 India GDP rose 7.7% y/y, stronger-than-expectations of 7.6% y/y. CNY/USD rose to 6.3705, the strongest in 17 years, on speculation the PBoC will allow currency gains to thwart inflation after the National Development and reform Commission said China's overall price level may remain high as global liquidity and imported inflation make it more difficult for the government to meet its aim of containing consumer-price gains within 4% this year. |
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