Waiting for the FED

Last week ended with strong gains in U.S. equities. The steady drip of statements by members of FOMC (Fed's decision-making body) about a premature withdrawal of QE3 seems not to have had effect in the markets, which have been marked by a strong upward pressure. On Friday, the U.S. indices continued in its highest levels, and the consumer sentiment data supported this idea. The euphoria this morning moved to equities in Asia-Pacific, which ended the session with widespread increases. The Japanese Nikkei raised a +1.47% and the Chinese CSI 300 added a +0.68%. The session begins in the old continent with green numbers on most indices, in which seem not to have had much effect the statements of a member of the Bundesbank, showing their displeasure with the intentions of the ECB to carry out a more expansionary monetary policy.

Day without macro references in Europe.Debt auction in France, in which we could see how it highlights the worsening of the French economy. In the United States the main reference will be posting activity index of the Chicago Fed (not a fact too relevant to the market). This afternoon we have statements by the president of the Chicago Fed, who, as a voting member on the FOMC, might give some clue as to where Ben Bernanke's statements could go on Wednesday. The trend remains strongly bullish for U.S. equities and, by contagion, to the European.