Two major issues pulled DJI up for 0.99% today. Corrected U.S. GDP and Michigan Consumer Sentiment proposed strong economic growth. The 4.6% growth GDP was mainly dragged by high consumer spending, which increased by 2% compared with 1.4% growth in Q1, as consumers gain confidence back.
Notice that nonresidential fixed investment increased by 9.7% compared with 1.6% in Q1. It highlights that companies are willing to invest more as the economy gains its strength back. Yet there is a concern that this significant increase was due to weather. It rises a question whether companies are still willing to invest during Q2 and Q3.
Michigan Consumer Expectations was above expectation. It highlights that consumers are still looking at the bright side of economy and willing to consumer. Along with recent strong labor market data, it brights the U.S. economy.
Recently Nikkei continuously increased as additional stimulus was expected. Japan still suffers from inflation rate. National Core CPI decreased by 0.2% YoY from last month, arises a question about the BOJ's monetary policy. Since low inflation rate policy is not working well, market expects larger stimulus package. As a consequence, USD/JPY rate keeps increasing.
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