Slow News Day

There’s not much going on this morning. Many market participants seem to suffering the effects of an indulgent weekend promted by the strong performance of the weather. Even Euronext slept through its alarm this morning. Markets, having rallied in the US post the European close have drifted back with a sell off in general in risk assets.

GBP is faring not so well today either. This is annoying for me. I travel Stateside on Wednesday and when cable was trading at 1.50 last week I was in better cheer. We await the budget later this week and Darling has admitted that the Govt won’t recoup all their bailout money. No surprise there but it has knocked the pound somewhat. I guess the Darling comments and the $ safe haven status in this market fade we’re seeing are combining to accentuate this move…and make my trip that bit more expensive. The Euro’s not faring much better against the greenback amidst worry of ECB discord but EURGBP is rallying hard.

We have some home sales numbers later on the week, and durable goods on Friday but outside of those, the week should be defined by earnings with a quarter of companies in the S&P 500 reporting this week. Personally, I think the highlight will be the unveiling of the Lions squad tomorrow although admittedly, its impact on the market will be negligible to nil.

I really didn’t come across anything that interesting or thought provoking over the weekend or this morning. Mind you, I was a little preoccupied. I think the market pause is due and deserves to reverse but no change there. I did find one article on Zero Hedge listed as must read. It’s probably done the rounds already but it does highlight the erm, questionable nature of the “beats” from the banks last week.

Here’s hoping for more activity in the coming days.