The MSCI Asia Pacific index falls 1% in the early afternoon of the Far East, after a long rally (11 consecutive days). However, the week shows an increase of about 2% on the previous week. On operators' horizons, two uncertainties dominate these days: the developments of the Syrian problem, and the impending meeting of the Fed with the consequent decisions on the reduction of the monetary stimulus (there is talk of a modest reduction for the first taste, from 85 to $75 billion a month).
Yesterday industrial production in the euro area came in lower than expected, while new unemployment benefits in America fell sharply (also helped by IT updates in a couple of states that slowed registration).
The yen remains close to 100 against the dollar, but the Tokyo stock exchange is falling by 0,5%. The government is preparing a fiscal stimulus package (lower corporate taxes) for next year to offset the recessionary effect of Japan's VAT hike.
Wall Street and London futures are modestly positive. Oil strengthened above 108 (the tensions over Syria continue) and the euro is just below 1,33. Gold falls again, to 1324 $/ounce.
