IIFT Daily Note with Peter Brown

True to form

Posted by:  |  Time: 7:14 am  |  Topic:
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Bye Bye Mr Trichet and good luck! No rate cut yesterday, no surprise there. Plenty of liquidity for the banks but no capital.

European banks are getting to look like ours. Dependant on the ECB to keep the ATM’s going. There won’t be much lending in this situation so growth in Europe will suffer. No solution to the capital issues.

Euro got a bounce, still think it is a bear squeeze and we will return down shortly. Might get to 1.36 if  Non farm are good.

Equity markets are now 800 points off the 1070 level. Good Non farm and we may hit 1200, bad figure and we head lower again.

The market is highly volatile , even on no news. Go with the move at 1.30pm.

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