A continent with two faces: markets in Asia diverge, with the Nikkei recording a strong increase (+1,2%) and the rest of Asia weakening. However, this weakening is more apparent than real and the two faces have a common reason: the strong depreciation of the yen which reaches 108,7 against the dollar explains both the optimism of the Tokyo stock exchange and the fall of the MSCI Asia Pacific regional index (- 0,4%) which is mainly due to the lower weighting of Japanese equities in a dollar-denominated index.
In addition to Japan, China has also recorded an increase in prices: the central bank has pushed down short-term rates, and the lower cost of money has more than compensated for the data on the reduction in the prices of new homes in 68 of the 70 cities surveyed.
Behind all this is the Fed's statement, which shows that, while maintaining key rates at current levels for a 'considerable time', the median forecast for the level of Federal Funds at the end of 2015 has been raised by 25 basis points. That was enough to make the dollar skyrocket, both against the euro (1,286) and against the yen and against gold: the yellow metal collapsed to 1224 $/ounce.
Oil dropped by one dollar: 93,8 $/b. Equity fuutes on both sides of the Atlantic are slightly positive.
