Its been a bit of a deluge of data this morning, not giving me time to post up some of the items of interest from overnight press. Thankfully there was nothing of immediate market importance (well, otherwise I would’ve published it), but some useful items to be aware of.
Editorial viewpoint: Under Kuroda, BOJ must never directly underwrite government bonds
Japan Cabinet Office upgrades its economic outlook for a second month
From the WSJ overnight (gated): Australian Homes Data Support Recovery Hopes
Australian home building gathered pace toward the end of last year, adding to signs that a more-than-yearlong series of rate cuts are boosting parts of the economy that have been hit hardest by a sharp slowdown.
Also from the WSJ overnight (gated): Italy’s Grillo Rules Out Forming Coalition
And, finally, an interesting take on the ‘ghost cities’ in China: Analyst: I Ain’t Afraid of No ‘Ghost Cities’
What happened? Well, housing prices and sales volumes have been steadily rebounding, to the point where the government is now contemplating new cooling measures. So much for the epic oversupply that bears predicted would wipe out growth.
“Hurray for Ghost Cities,” writes the economist and veteran China-watcher Jonathan Anderson in a recent note.