Good morning,

For those of us who really have no idea of the suffering of our Euro cousins, it was an interesting peek last night on Four Corners. I would urge you ,if you missed it, to catch it on ABC Iview as it was very revealing. Scary. The last few scenes of a distressed asset auction selling a 55 bedroom hotel, the Sandhouse , on the beach, an hour from Dublin for 650,000 Euros had me reaching for my bank manager’ phone number..there is a serious sea change if ever I saw one. The really scary thing is the so called experts and Politicians who are running these countries..they are so divorced from the real world of people’s pain that it is almost comical.

Anyway Greek debt came back on last night as the package continues to be debated..didn’t bode well and suspect Ireland, Portugal and others may look to their Hellenic friends and utter those immortal lines written by Gary Frost, who is a mate of mine, ”What about me ,it isn’t fair!”  And if you watched Four Corners you would get a sense that it is only a matter of time.

The US continues to try to gain ground but volume was the slowest this year and interestingly the Transportation index is turning down which is not too bullish..

Things to catch my eye this morning

1.Macquarie Group has copped a downgrade from Fitch Ratings agency…bout time!

2.SPI futures up 12..

3.Aussie Dollar at 7 week low..so is Julia!!

4.Chinese data continues to weigh on sentiment.

5.Gold down and Oil follows.

6.Investors were wary ahead of tonight’s Federal Reserve meeting and US retail sales data.

7. German Finance Minister Schaeuble refused to lump Spain with the Greek debt drama. “Greece is a totally different case,” Schaeuble told reporters. “Spain has made great progress and this has been noticed by the financial markets.”Yeah right.

Back on TV tomorrow afternoon at 4.30…need some inspiration on what to talk about!!!Any ideas?

 

Clarence

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