Overview
A compelling narrative for yesterday's disparate price action is lacking. A flight to safety, which is a leading interpretation, does not explain the weakness in the yen, gold, or US Treasuries. Month- and quarter-end portfolio and hedge adjustments may be at work, but the risk is that it is a black box: is difficult to verify and lends itself to misuse as a catch-all explanation. Nevertheless, the rise in US equities yesterday helped lift most Asia-Pacific shares today, with China, Taiwan, and Australia being the notable exceptions. European bourses are firmer, and the Dow