Sunday, 18 July 2010

Consumer sentiment falls in Euroland

Thus reports US market research group Nielsen. They report sentiment in euro zone states Spain, France and Italy falling between the first and second quarters as European countries drew up austerity measures to tackle debt amid fears of contagion from Greece's debt crisis. In comparison in Asia consumer confidence is on the rise. Things will get worse in Euroland after the equinox.

10 year bond rate spreads to bunds remains close to 8%  for Greece and 2% for Spain. I don't expect much movement in these rates until the September we are now entering the holiday season and can expect silly stories from the media until end August so I may not write as frequently until September. We can of course always rely on UKIP to provide plenty of silly stories peaking at the party conference in early September in Torquay the spiritual home of Basil Fawlty.

BP have done a superb engineering job in capping the Gulf oil well but that still does not satisfy Obama who now wants more work that will inevitably cause more oil spill. Its a shame BP 's problems arrived at this stage of the US electoral cycle with a president in deep political trouble and like General Galteri with Mrs Thatcher looking for a convenient foreigner to distract his voters attention from his own incompetence.

The Boy goes off this week to see big O and 'to fight BP's corner'. Bad luck BP you need a Mrs Thatcher not a third rate PR man. This morning brings news of 4 more British fatalities in Afghanistan. Its time to exit an unwinnable war we should never have got in to. The Russians who defeated Adolf Hitler lost there. It is delusional to think a bunch of Chicago crooks can win. As for us we have lost there since 1839. Concentrate on defending our countries borders and incarcerating and expelling those already here who seek to destroy us. 

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