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The market held it's own today although it didn't translate into major gains. All Ords finished +0.2% led by Miners +1.1% and Gold +0.9%. Healthcare and REITS were at the other end, both -0.7%.

 

Asia looking languid: Honkers, India and Nikkers all -0.2%, Singers -0.6%.

 

 

On to UK/Europe:

 

 

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BOE May Back Off Stimulus Exit as U.K. Economy Stumbles

 

Bank of England Governor Mervyn King is getting pushed back toward the printing presses as central banks in the U.S. and Japan turn their focus on more bond purchases to defend the global recovery.

 

King is battling to keep the economy from sliding back into recession as Prime Minister David Cameron prepares the biggest public-spending squeeze since World War II. Pressure to do more is building after the Federal Reserve signalled in the past two weeks it may buy more assets to bolster U.S. growth, while the Bank of Japan on Oct. 5 pledged further purchases.

 

The danger for the Bank of England is that more easing by U.S. and Japanese authorities may strengthen the pound relative to their currencies, further undermining the recovery. The pound has already risen 10 percent against the dollar since falling to a 14-month low in May. Adding to evidence of an economic slowdown, mortgage lender Halifax said today that U.K. house prices dropped in September by the most since at least 1983.

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Drinks Are Free as Bartenders Refill Punchbowl: William Pesek

 

It has been 13 years since the Bank of Japan was freed from the clutches of politicians. What has it done since? Cut interest rates to zero and left them there.

 

If that’s your definition of “independence” then it’s different from mine. Sure, the BOJ managed to boost rates here and there -- even getting them as high as 0.5 percent. It has since relented. This week, it bowed anew to politicians’ demands to lower its 0.1 percent benchmark toward zero.

 

Central-bank freedom is steadily being curtailed. Concerns that the global economy will follow the BOJ’s trajectory are pointless. The world’s main monetary powers already are like Japan.

 

Notice that there’s less and less talk of exit strategies in markets. Investors are wondering how policy makers can possibly begin soaking up all the money with which they have flooded the globe, while governments are so on edge.

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