The 'Dow 18' is not quite the 'Dow 36' that was rumored at the time of the dot.com euphoria, fifteen years ago now. But it is more solid than that illusion, because it is backed by a fast-growing economy (the revision of US GDP growth in the third quarter brought the pace down to 5%) and record profits.
Asian markets followed suit and the MSCI Asia Pacific Index was up 0,6% towards the end of the day. A yen that remains above 120 against the dollar helps the Japanese stock market, which rises by about 1%. In Shanghai, on the other hand, the euphoria of recent times – the CSI300 index has risen by more than 20% in the last 30 days – has given way to a correction: the news of a drop in the opening of new trading accounts in stock market to bring the index down by more than 2%.
The euro remains below 1,22 and gold has not changed much from yesterday's levels: it stands at 1178 $/ounce. Even crude oil is roughly at the same levels: WTI at 56,6 $/b and Brent at 61,1.
Positive (+0,2%) futures on Dow Jones and S&P500.
Attachments: The Bloomberg article
