Morning Commentary 30.07.09

Japan's factory output climbs, taking quarterly gains to fastest in 56 years. Such spurt in manufacturing production and economy expansion is the highest post war and can be a very positive sign that things are improving. elsewhere, the slump in commodity prices let to a reversal in asian stocks led by china. However, major stock exchanges have been buoyed by the more than expected earning figures, and showing signs of an upward move. We are probably entering a V shape recovery mode. Elsewhere dollar traded higher, with German unemployment nos. due today and expected to show a rise in unemployment.