The earnings of Asian markets over the past two days they were canceled out by a 1,5% decline in the MSCI Asia Pacific regional index. The reasons are the usual, which are valid every other day: fears for Greece's exit from the euro, the uncontrolled rumors about the preparations of 'Plan B' for the dismemberment of the single currency and so on. One wonders what a colossal relief the markets would experience if news broke overnight that Greece's problems had been solved and the 17 euro held firm! For now, the health of the single currency is a bit shaky, even if the quotations (below 1,27 against the dollar) reflect more the strength of the greenback (also revealed by the slides of gold) than the weakness of the opposing currencies. When rumors of crisis thicken, investors' reflex is to go to the dollar.
The news that, without stimulus, Chinese growth could fall below 7% also did not help the markets' mood. Which, however, is all the more reason to be sure that the stimulus, both monetary and credit, will be there.
http://www.bloomberg.com/news/2012-05-23/asian-stocks-euro-fall-on-greece-exit-concerns.html
