Jean-Claude Juncker. Failed former Luxembourg P.M., serial liar, chief executive of the European Commission. Miraculously Italy was “sorted” last night as the official story became “crisis? ” Politics in Italy is ever in turmoil, Italy’s economy is underpinned by its dark economy, and in any case as the ECB is still ready to buy Italy’s (now higher yielding,) bonds, there won’t be any Italian bank or investment company relationship contagion. Italy, just forget about it!
Besides, the anxiety over, Italy caused capital air travel into US Treasuries reducing yields, so the Fedsters may get to hold off raising rates of interest for a whole lot longer. Italy saved from itself, everybody else got back to the serious job of dressing markets for today’s all-important month-end close.
Ignore the BDI and oil. Below, yesterday’s “don’t get worried be happy, Italy’s unimportant” artificial information. My take, Italy’s problems will grow all summer months long, and Italy’s wonder will last just as long as it requires to dress up today’s currency markets close. Spreadbetters expected Western shares to open higher slightly, with Britain’s FTSE .FTSE edging up 0.05 percent, Germany’s DAX .GDAXI adding 0.1 percent and France’s CAC .FCHI rising 0.05 percent. Hong Kong’s Hang Seng .HSI rose 0.75 percent and the Shanghai Composite Index .SSEC gained 1.4 percent after news that development in China’s vast manufacturing sector accelerated strongly and well above forecasts in May to an eight-month high.
MSCI’s broadest index of Asia-Pacific stocks outside Japan .MIAPJ0000PUS gained 0.apr 6 percent …