After yesterday's 0,8% jump, the MSCI Asia Pacific regional index has remained roughly stable, and this stability is spread across major markets from Japan to China. The index has gained 8,9% year-to-date, a satisfactory but not stellar performance, and posts a p/e of 13,9. This multiple compares with a 16,3 for the S&P 500 and a 14,9 for the Stoxx Europe 600 - a comparison that suggests a relatively cheap Asian index.
A total of $8 trillion in the world was added to stock market capitalization in 2013 and according to some experts the rally still has legs to walk. According to data released today, Chinese industrial production in November marks +10% compared to a year earlier. Markets don't seem to fear much of the Fed's tapering. The percentage of analysts expecting a reduction in monetary medicine as early as the Dec. 17-18 meeting rose to 34% from 17% in the poll a month ago.
In the currency field, the euro is at 1,375 and the yen remains comfortably above 103. Oil is little changed, at 97,5 $/b while gold is attempting a difficult climb and is at 1241 $/ounce.
