Tue Aug 13, 2013 6:29am EDT
* European shares hit 2-1/2 month high, boosted by strong ZEW data * Dollar on course for first 3-day gain since June * Commodities show strength * Nikkei climbs 2.6 pct; yen weakens against dollar, euro By Marc Jones LONDON, Aug 13 (Reuters) - Evidence that Europe's economy is finally picking up steam pushed the region's shares to a 2-1/2 month high on Tuesday, lifted the euro and left safe-haven German government bonds under pressure. The dollar was on course for its first three-day rise since June too, with U.S retail figures due later expected to paint a similarly bright picture and firm the case for a cut in Federal Reserve stimulus. A jump in Germany's ZEW economic sentiment survey dovetailed with a rise in euro zone industrial output and the fastest rise in UK house prices in seven years, to bolster the renewed sense of optimism in the region. London's FTSE, Germany's DAX and Paris's CAC 40 climbed 0.5 percent, 0.8 percent and 0.3 percent respectively to push the broad FTSEurofirst 300 stock index up 0.5 percent to its highest level since mid-May. Debt and currency markets also reflected that shift. Yields of safe-haven German 10-year government bonds hit their highest in over a month-and-a-half while risk premiums on Italian and Spanish bonds continued to ease. The euro climbed back above $1.33 versus a broadly stronger dollar while the earlier UK housing data which were complemented by firm inflation figures pushed sterling to a high of $1.5491. "It is not only Germany that is moving in the right direction," said Deutsche Bank economist Mark Wall. "There is a general improvement taking place in Europe and in the context of this being a debt crisis one shouldn't underestimate the importance of getting back to a position of growth... The 64,000 dollar question is whether this is sustainable." The Mannheim-based ZEW economic think tank's monthly poll of economic sentiment rose to 42.0 from 36.3 in July, reaching its highest level since March and beating the consensus forecast in a Reuters poll for it to increase to 40.0. The survey's organisers put the rise down to the calmer conditions in the euro zone's trouble spots, rising German demand and a belief the European Central Bank will keep its interest rates at record low levels for the foreseeable future. GDP data due on Wednesday is expected to show the region's economy grew 0.2 percent in the second quarter, marking the end of its longest recession on record, according to a Reuters poll. JAPAN TAX PLANS U.S. retail sales data due later was also in sharp focus, with investors still trying to gauge when the U.S. Federal Reserve will begin winding down its stimulus programme. Wall Street was expected to open around 0.2 percent higher. In Asia, Japanese shares jumped 2.6 percent and the yen fell after a media report that Prime Minister Shinzo Abe is considering a cut in corporate tax to counter the pain of a planned sales tax increase. For the Nikkei it was a partial rebound after the index fell to its lowest since end-June on Monday on slower-than-expected economic growth data, while the yen's 0.6 percent dip to 97.475 yen to the dollar took it away from last week's seven-week high. Against a basket of major currencies, the dollar was up 0.2 percent, extending gains into a third day in anticipation that U.S. data will point to the Fed rolling back its $85 billion of monthly bond purchases sooner rather than later. The next test of this view will be Tuesday's retail sales, which most expect to be strong. "Better economic data from China last week has left Asia ex-Japan with a positive tone. Now it will be the turn of the U.S. to show what it can do with some retail therapy," Societe Generale wrote in a note. Asian shares measured by MSCI Asia-Pacific ex-Japan index rose 1.0 percent to a two-week high, extending Monday's gain on the back of last week's Chinese factory output data. In the commodities markets, gold eased 0.1 percent after surging as much as 2.2 percent to a three-week high on Monday. The precious metal is down 20 percent this year following a sharp sell-off as investors have eyed a downward shift in central bank stimulus. There were signs of strength elsewhere. Copper hit a fresh 2-month high of $7,340 a tonne and tensions in Libya pushed Brent oil to $109.79 a barrel to leave it just shy of last week's $110.09 four-month high. "Since the Fed has cooled talk of ...(winding down stimulus) this has in general supported commodities, and the economic data has been a bit better," said Rabobank commodities strategist Georgette Boele. - Link this
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