Asian stocks surged to an 18 month peak, metals increased in value and Treasuries fell hot on the heels of economic reports from the U.S. The won consolidated former losses and China further aided rumours of a worldwide recovery.
The MSCI Asia Pacific Index also gained 0.8 percent this morning. Japan’s Topix gained a further 1.2 percent due to Panasonic Corp. experiencing upward momentum. S&P 500 Index futures remained stable. South Korea’s currency made regional gains and also climbed 0.8 percent against the dollar. Platinum went up by 1.2 percent.
157,000 jobs were added in the U.S in January. In other reports consumer confidence, manufacturing and construction are all performing better than expected. China’s service industries are also showing rapid growth. Data today expected to show orders to U.S. factories having increased in December.