Stock markets on brink of record high, new Greek finance minister …

Tokyo, Japan. Photograph: SUTTON-HIBBERT/REX

Good morning, and welcome to our rolling coverage of the financial markets, the global economy, business and the eurozone.

Stock markets are starting the week in an optimistic mood, after Japanese economic growth rate was revised sharply higher.

Japan’s economy grew by a rip-roaring 6.7% on an annualised basis in the first three months of 2014, not the 5.9% first estimated, according to official figures.

That’s a 1.6% quarterly growth rate – which the Tokyo government says is the strongest since the third quarter of 2011.

It comfortably outstripping the UK’s 0.8% growth, and the eurozone’s 0.2% [America shrank slightly during the quarter, thanks to bleak weather].

The upgrade was due to an sharp upwards revision in Japanese corporate capital spending — it surged by 7.6% from the previous quarter, upgraded from 4.9%.

That’s an encouraging signal that Japan’s Abenomics programme may be encouraging businesses to splash out on new investments.

Last Friday’s US jobs data had already driven Wall Street to record highs, and Asian markets have followed suit. The MCSI index of Asia-Pacific shares hit its highest level since July 2011 earlier today, with gains across the region.

And in India, the Sensex index has hit a fresh record highs.

So, up up up we go… But listen to traders, and there’s plenty of nervousness that stock markets may be ripe for a correction.

As Capital Spreads dealer Jonathan Sudaria put it:

“It’s remarkable how negative traders are feeling about this rally evidenced by the amount of clients that keep betting against it and getting short”.

It’s the Whitson holiday in Europe, so things could be a bit quieter – but I”ll be covering all the main events as usual….

Continued here – 

Stock markets on brink of record high, new Greek finance minister …

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