We are now at the day of the summit, and the mood of the markets has passed from a bland optimism to a wait and see: the MSCI index is falling by around 1%, recovering yesterday's similar rise. Expectations are highly concentrated, and such intense interest promises great leaps forward or great disappointments the day after the summit. Currencies and gold are little changed and oil remains above $100. The curtain on the European summit is about to open and the markets are holding their breath.
In the meantime, from a less immediate perspective, it should be remembered that the MSCI Asia Pacific index has fallen by around 14% since the beginning of the year, and the European index (Stoxx Europe 600) by 12%, against an increase – however very modest, of the American S&P 500 (+0.3%). P/Es are at 12.9 for the Asian index, 12.6 for the US, and 10.9 for the Stoxx Wurope 600.
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