The MSCI Asia Pacific regional index fell 0,8% in August, its first monthly drop since May, but started September in better spirits. After falling to -0,5% at the beginning of the session, it is starting to close in positive territory. Bernanke's pledges still buoy markets. The Fed chairman's statements have been solid, and if they aren't immediately operational it's only because the US economy appears to be slowly improving on his behalf. Meanwhile, data in Asia continue to record a widespread slowdown: indications of weakness are emerging both in Japan and in China, South Korea and New Zealand.
Bernanke's promises are important, but the markets are mainly worried about Europe and await the ECB's intervention plans and the outcome of what is now an open confrontation between Draghi and the Bundesbank.
The euro is just below 1,26 and gold, which believes Bernanke's promises (drawing the unfounded implication that the creation of another currency will lead to inflation) is close to 1700. Oil remains above 96 and raw materials, which in August performed better than that of the equity and bond markets, are consolidating a positive trend.
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