Asian stocks have extended last week's rally, led by China shares, amid talk that all of Beijing's small policy steps might actually add up to real stimulus at some stage. Japanese shares have also been doing well, with the Topix marking a 33-year high in the wake of data showing recurring profits at Japanese companies hit a record in the second quarter. Companies are holding an astonishing 555 trillion yen ($3.80 trillion) of earnings in reserve, which is more than the entire 447 trillion market capitalisation of the Topix.
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in FrankfurtAsian stocks have extended last week's rally, led by China shares, amid talk that all of Beijing's small policy steps might actually add up to real stimulus at some stage. The next move is expected to be a relaxation of restrictions on property buyers.
That's one reason the Topix trades at a lowly PE ratio of just 14, compared with 23 for the S&P 500 and 29.5 for the Nasdaq. That provided hope that an expansion in labour supply could ease wage pressures even while hiring stays strong, a true goldilocks scenario for the Fed.
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