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Attenuated appetite

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Off the lows but still a poor showing. All Ords closed -1.1% with REITS -2% and Financials -1.5% down the most. Gold +1.2% and Utilities +0.5% were the only green sectors.


A similar story in Asia: China -0.8%, Honkers -0.9%, India flat and Nikkers -2.1%.



On to UK/Europe:












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Greece considers the dracma: euro-schmero


"Yes or No’


“The dilemma isn’t ‘this or another government,’” Papandreou said. “The dilemma is ‘yes or no to the loan accord’, ‘yes or no to Europe’, ‘yes or no to the euro.’” "




So Grease is getting out of the euro and apparently the EU too, which means completely out of the EMU, so they float their own currency at the level they "want" (remember that EMU currencies were controlled floats since the early 90's).


Even forgetting about what will happen to their foreign and local debt denominated in Euros... will the EU put up trade barriers against Greece, or will they be allowed to run freely a beggar thy neighbor competitive devaluation?


Greeks who still have money in the bank over there shouldn't think twice about redrawing at this stage.

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Boomberg spins the QE3 speculations


"“We are becoming increasingly persuaded that QE3 is coming, this time focused on purchases of mortgage-backed securities,” said Dana Saporta, U.S. economist at Credit Suisse in New York. “The best guess is at this meeting they’ll try to build some consensus around the idea and lay the groundwork for eventual purchases.” "




They've added a section for readers comments. I think it'll be shortlived.

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