I noticed an interesting pattern in the Asian markets today: the Nikkei and the KOSPI opened with significant losses, but then quickly recovered during the session. This isn't the first time I've seen this dynamic in recent days.

What strikes me is how the impact of geopolitical factors is progressively decreasing. I remember when escalation in Iran would have sent Asian stocks into panic for the entire day. Last Monday, losses were still close to double digits, but yesterday the drop was much more contained. It's as if Asian markets are becoming progressively more indifferent to these shocks.

There are two dynamics that, in my opinion, explain this behavior. First, investors are starting to systematically price in what we could call the "Trump model": political uncertainty during the week, followed by some reassuring signals over the weekend that let markets breathe. This cycle repeats so often that traders now anticipate it and aren’t caught off guard.

Second, since this pattern is becoming more established, the urge to sell at the first hint of volatility has fallen significantly. Less selling pressure means less damage in Asian markets today than a few weeks ago.

In practice, Asian markets are learning to live with uncertainty instead of reacting on impulse. Interesting to watch.