06/11/2012, 00.00
ASIA - EU

Asian stock markets recover after aid to Spanish banks

Hong Kong Stock Exchange opens up 2.35. Shares of companies that export to Europe also increase. Positive market data of Chinese trade: in May exports grew by 15.3; imports by 12.7 in a year. Price of oil and copper up due to increase in Chinese imports.

Hong Kong (AsiaNews) - The stock exchanges in Asia are swiftly recovering after Spain received a loan of 100 billion to save its banks. The Hong Kong stock exchange opened this morning with a + 2.35, while the MSCI Asia Pacific Index rose 1, 8.

The Eurogroup's decision to provide 100 billion - more than is strictly necessary to remedy the Spanish banks, burdened with bad debt - have injected confidence into world markets because it shows Europe's desire deal with the crisis.

The euro has also strengthened to 1.26 against the dollar and other Asian currencies, the lowest since May 23 last year. Over the past six months, the European currency had lost 3.5%.

The hopes of Europe are also reflected on companies that export to Europe. Japan's Canon, which depends on the old continent for at least one third of its sales, has now seen its shares rise by 2.2%.

Added to the growing optimism is recent data of a growth in Chinese trade. In May, it rose by 15.3%, more than expected. Imports also rose by 12.7%, almost double than expected, running around on the 5.5. But many economists argue that this recovery is not consistent, since there are other indications to the contrary, like industrial production and retail sales.

Oil prices for July were up 3% in New York. Analysts correlate this increase with the publication of data from China, which in May increased imports of crude oil. The same is true of copper, increased by 2.5%, after imports of the metal in China alone grew by 12%.

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