A correction was inevitable given the market is facing three clear near-term risks: weak first-quarter results, a worsening foreign exchange outlook, and the uncertainty about U.S. interest rates.

Oil prices could be a worry. We’re not at the stage of a serious rise (in oil prices), so the impact is not so great yet, but the worry of more terrorist attacks is there.

Global markets have not been affected by the possibility of rising U.S. interest rates. Japan and the Nasdaq in the U.S. are gaining, so that’s creating a positive flow.

Looking at it with a cool head, the Fed’s comments are not that unexpected.

The biggest impact in today’s trade is coming from the reduced worries about U.S. interest rates seen in U.S. markets yesterday.