SocGen: "The Market, Today, Is Clearly Hoping The Authorities Will Step In"
Ealier today, we quoted John Plassard, senior equity-sales trader at Mirabaud Securities LLP in Geneva, who explained the surge in global risk as follows: "The Chinese market didn’t react as bad as we feared and with the weak export data there is some big hope that he central banks will react quite fast... It’s a mix of hope of intervention from the Asian central bank, short squeeze and also a relief in some energy and banking sectors, the most shorted sectors."