Numbers show some light at end of the tunnel

SYDNEY/NEW YORK: Modest but surprising growth in Australia and a jump in US pending home sales added to evidence the world economy, while not rebounding, has come through the worst of the slump.

Stocks in Asia hovered close to eight-month highs yesterday, but investors were wary about whether markets had run ahead of themselves in pricing in a recovery amid fears that a spike in global bond yields could choke off growth.

Bank of Japan policy board member Hidetoshi Kamezaki warned of downside risks to the economy and said long-term bond yields should reflect the outlook for growth and prices.