Markets are open in Asia, and things are starting off calmly.
Korea’s Kospi is up modestly.
Japan’s Nikkei is down 0.8%. While this looks like a big number, the degree of volatility is much lower than we’ve scene in recent trading sessions.
The big event this week is the Federal Reserve’s FOMC meeting where Chairman Ben Bernanke will update the world on monetary policy.
Global markets have been struggling to price in the prospect of tapering, or the reduction of the Fed’s bond buying plan. Stocks have trended lower, while interest rates have risen.
“We do not expect Mr. Bernanke to yet show confidence that the time to taper QE is near, but the most important aspect of his media Q&A will be whether he signals that an H2 taper remains plausible,” said Deutsche Bank’s Carl Riccadonna.
U.S. futures are trading modestly higher.
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