The regional index MSCI Asia-Pacific in the end of the day it is gaining 0,4%, after – paradoxically – US retail sales turned out to be lower than expected, which, according to the uncertain logic of the markets, pushes away the Fed's hike in key interest rates. Tokyo also climbed, after the strong (but also expected) fall in GDP, because monetary policies are still expected to be expansionary by the Japanese central bank. The Asian index marks a p/e of 13,5 against 16.3 for the S&P 500 and 15 for the Stoxx Europe 600.
Any signs of central banks keeping rates low and creating money are usually in favor of gold, given the widespread notion that monetary expansionism leads to higher inflation. Punctually, gold rose (until the next disappointment) to $1314/ounce. Oil, at 97,4 $/b is only slightly stronger (WTI), while the euro (1,336 against the dollar) and the yen (102,6) are little changed.
