Most Asian markets advance after Wall Street's Friday rebound; oil prices rise

The turmoil in global equity markets that we have experienced last week is, to my mind, not the start of a global recession but rather a correction in the sustained and prolonged upward trend in equity markets that we have experienced for many years. The reasons:

- Fears about rising interest rates (in a faster pace than anticipated) by the main Central Banks (US Fed, ECB, BOJ) and what that will mean to corporate profits and valuation of equities - Fears about President Trump's tax cut policy, and what that will mean to the US Budget Deficit and consequenty to the US Government Debt

Why did it happen now? - News about rising wages, new jobs created, lowering of unemployment that came out recently creates uncertainty about future inflation and how strongly the US Fed will react by raising interest rates

Of course, it remains to be seen in the next couple of weeks of how things will turn out.