Overnight roundup courtesy of Spreadex – 23/07/13

Asian stocks have risen overnight as Chinese policymakers make assurances that the economy will not grow any more slowly than seven percent. Additionally, disappointing U.S housing data has perhaps damped concerns that the Federal Reserve will withdraw stimulus. 

In its best performance since June 2012, gold jumped 3 percent during yesterday’s trading. Gold seems to be clawing back some of its losses after shedding some 23 percent in the second quarter. Meanwhile, U.S crude continues to remain under pressure as low stock piles and high demand start to take their toll. 

After Shinzo Abe’s convincing victory in the Japanese elections, his ruling coalition party will now have the grounds to push through unpopular reforms aimed at helping the long-suffering economy get back on the track to recovery. However, Abe will still need to overcome opposition from within his own party.