Today many Asian markets – among others China, South Korea, Hong Kong, India, Indonesia, Malaysia, Singapore and Thailand – are closed for May 1st, but Tokyo is open and recorded a good leap – +XNUMX% in the early afternoon – also thanks to the positive closures on Wall Street.
The data on the American GDP - only +0,1% in the 1st quarter - have perversely encouraged the market, given that they guarantee a continuation of the accommodating policy of the Fed: a continuation which was confirmed by the modest cut - 5 billion dollars a month - of a stimulus which however continues to increase the central bank's surplus at a rate of 45 billion dollars a month.
The Fed's optimism – the recovery after a 1st quarter plagued by weather factors is solid enough to justify reducing the stimulus – hit gold which fell to 1289 $/ounce. Oil also dropped below $100/b on growing evidence of a Chinese slowdown: the Markit PMI rose less than expected.
