The Nikkei, despite the yen still strengthening (to 102,2 against the dollar) rose by 0,3% at mid-day, while the MSCI Asia Pacific ex-Japan regional stock index fell by 0,2%. However, the movements are limited, and the phase is still that of a consolidation.
The MSCI has decided not to list South Korea and Taiwan among the advanced countries for the purposes of the composition of the equity indices. The MSCI emerging market index recorded a p/e of 11,6, significantly lower than that of developed countries: the p/e is 13,3 for the MSCI Asia-Pacific index, 16,2 for the S&P500 , and 15,6 for the Stoxx Europe 600 Index.
The different posture of monetary policy in the USA (in the process of less stimulus) and in the Eurozone (in the process of greater stimulus) weighs on the euro. And the single currency is beginning to show signs of slowing down which producers on the European continent have long hoped for: the euro is trading at 1,353 against the dollar, after having dropped to 1,350 (against the dollar).
The shadow of the diversification of the stocks of the public pension fund, which contemplates purchases of non-Japanese bonds and shares, is extending over the yen, despite the good stability of these days.
Gold strengthened to 1262 $/ounce while oil remains high due to lower US stocks, and the differential with Brent narrows (104,5 $/b WTI, 109,7 Brent) .
