China and Europe

China has an interest in preventing the total collapse of the largest buyer of its exports, but it also has an interest in forcing Europe to divest its overseas assets. Chinese banks and companies are in a position to be a buyer of some of…

Wating for Another Shoe to Drop

The major currencies are consolidating in yesterday's broad trading ranges, but the "real" action is in the European bond markets, with acceptable auctions in Spain and France, helping support of a bond market rally that was already…

Choppy Market: Push Me Pull You

There have been several developments and they have imparted conflicting impulses into the market. The S&P downgrade of a number of large banks based on a new methodology that has been unfolding over the past couple of years comes at a…

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