The surprise of the day lies in the drop in Japanese GDP: in the third quarter -0,4% compared to April-June and even -1,6% on an annual basis, against expectations of an increase. However, the weakness is anomalous, concentrated in a vertical fall (-24% on the year) of investment in homes and in a strong negative contribution from the accumulation of inventories.
However, the Japanese stock market, which has recovered from the high levels reached in recent weeks and therefore vulnerable to a correction, fell and the Nikkei is losing 2,7% at the end of the day. Shanghai instead holds and rises by 0,5%, to the highest level for more than a year.
The yen strengthened slightly and returned below the 116 level: 115,7 against the dollar. The dollar also weakened against the euro (1,255) and above all against gold, which jumped to 1190 $/ounce (the "gold bugs" are probably looking to further liquidity injections to support the economies, which, according to them would weaken paper currencies). WTI oil climbs one dollar, to 75,5 $/b.
