Good morning
The headlines:
- Barclays sued.
Link: well that didn’t take long, now, did it?
Karen Kalaway of Riff-Raff Trading Inc. of Inverness, Illinois, has filed the lawsuit on all our behalfs. I mean – on behalf of all US investors.
I’ve tried to excited about this – but I think that this is a bit of a long shot, in some ways. To prove that your business was affected significantly by a particular bank’s offer (which isn’t the defining offer) will be difficult.
My guess is that this is aiming to get a settlement.
Because it’s American to sue. And because it’s patriotic to sue the English.
- Greek confidence.
Link: the midnight vote.
I just don’t understand why the Greek Government has votes of confidence (constantly). Or why they have to have these votes at midnight on a Sunday.
Do the politicians get paid overtime at double time?
Anyway, the coalition government can now confidently go and re-negotiate the bailout this week.
- JPM, GS and Blackrock close funds.
Link: the ECB rate cut consequence.
JP Morgan, Goldman Sachs and Blackrock have announced that they will no longer be accepting new funds for investment into their European money market funds after the ECB lowered deposit rates to zero.
As they had to – if your base rate has gone to zero, and you get new funds in – you have to invest the new funds at zero. That’s no good – because that’s definitely going to lower the returns for everyone that’s already invested.
- Chinese inflation slows.
Link: room for more stimulus?
Chinese inflation came in at 2.2% in June: the lowest it has been in over 2 years. So there’s a real concern about growth.
Hence those sudden interest rate cuts last week.
That’s all for now.
Have a good day.
