Good news from China: industrial production in December rose by 7,9% on the year, a higher rate than expected by analysts, and the GDP of the last quarter of 2014 marked + 7,3% compared to the fourth quarter of 2013. For the whole year, GDP thus grew by 7,4%, maintaining the government target of a rate of around 7,5%.
Both the Nikkei (+1,9%) and Hong Kong stocks (+0,4%) are in positive territory, while in Shanghai yesterday's sharp correction seems to have run its course. The yen weakened again, surpassing 118 against the dollar. The euro remains at yesterday's low levels (1,155 against the dollar) still awaiting, with bated breath, the decisions of the ECB.
The compromise that emerges at tomorrow's meeting of the ECB concerns the fact that the purchases of public securities will be borne by the individual central banks of the Eurosystem and not by the ECB, thus avoiding forms of mutualisation of losses should these occur.
The Swiss franc strengthens again, and the euro is worth 0,98 CHF. The ruble was stable at 65 against the dollar. Crude weakens again, at 47,4 $/b WTI (Brent: 48,8). Stable gold at 1278 $/ounce.
Futures on Wall Street were positive in the early Japanese afternoon (+0,2%).
