Many are worried about what may happen to the euro and the Eurozone after the Greek elections, but Asian markets don't seem concerned. The high-sounding declarations of the German leaders (Weidman and Schauble) and the Greek prime minister will be replaced – it is the (founded) opinion of the markets – by the era of compromise. Be that as it may, the MSCI Asia Pacific index recovered 0,4%, and the Nikkei rose even more, by 1,6%, thanks to the downward return of the yen, which stands at 118,2 against the dollar .
Asian performance could have been even better were it not for the -2% Shanghai Composite, which remains volatile after last year's fantastic rally. The Indian stock market rises for the fifth day, and, after the agreements with the American president on a visit to New Delhi, marks a new historical record.
The euro recovered from its lows and reached 1,124 against the dollar. Oil is still weak, at 45,2 $/b (WTI), although it recovered after OPEC secretary general El Badri warned, adding grist to his mill, that crude could go towards $200/b if exploration of new fields is slowed down. The fact remains however that oil above $70 would already lead to a rapid recovery in fracking production, which is very flexible.
Gold has now moved away from 1300 and stands at 1278 $/ounce. Stable futures on Wall Street.
