It’s quiet. Maybe too quiet.
For what feels like the first time in weeks, markets in the Asian trading session aren’t doing much.
The customary daily whiplash from events in Greece of recent weeks are nowhere to be seen. There are no five-percent-plus swings in China’s stock market to give you heart palpitations each and every afternoon.
Gold, after suffering a four percent “flash crash” yesterday, is gently bid today.
None of that volatility exists now. It’s all a little, well, normal.
Stocks are mostly higher. A short time ago, the ASX200 was up 0.4%, the Shanghai Composite was up a comparatively tiny 0.26%, the Nikkei was up 0.54% and Hong Kong was up 0.4%. Meanwhile the renegade KOSPI was down 0.14%.
Currencies, with the exception of the Kiwi which is up 0.65% following a shellacking last week, are doing nothing. Rates and commodities are mixed.
Is this the “new normal” for markets, or is the just the calm before the storm? Going off the track record of markets in the post-GFC era, you’d be a brave investor to back the former.