The strong rebound of the MSCI Asia Pacific regional index (+1,9% in the early afternoon in Japan) is paradoxically due to the downward revisions of the US GDP in the first quarter. The third and final revision brought the growth rate from an initial 2,5% to 1,8% annualized and seasonally adjusted. This has revived hopes that the Fed will continue to provide liquidity in the previous measure. Indeed, there was a misunderstanding in the market's reading of the Fed's intentions. Even as the Fed cuts back on bond purchases, its stock of assets continues to increase and thus monetary policy remains expansionary; the markets, on the other hand, had read Bernanke's statements with a view to a shift from expansion to restriction, which is far from reality.
The yen is approaching 98, which allowed the Nikkei to rise by more than 2% and regain 13 thousand. The Shanghai Stock Exchange, on the other hand, continues to have the worst performance among the major stock exchanges, and has risen slightly from the low levels reached yesterday. Gold, after the collapse to 1227 $/ounce, records a technical rebound and is at 1237. Oil has gained compared to yesterday: Brent is at 102 and WTI is trying to climb 96. The euro is stable , at 1,303.
http://www.bloomberg.com/news/2013-06-27/asian-stocks-gain-as-slow-u-s-growth-lifts-stimulus-bets.html
