It has been a morning session of two halves.
In Asia, the mood was somber, and stocks fell with the Shanghai Composite (+1.1%) outperforming on another late session binge-fest by the National Team, and the Nikkei 225 (-1.4%), Hang Seng -1%, Kospi -0.2%, ASX -0.6%, Sensex -0.4% and the South Korean Won all down following news of the biggest Chinese Yuan devaluation in five weeks.
Germany’s policies in Europe could spark the Eurozone to collapse, as government debt and bailout regulations put the euro and those countries who use it on the brink of a total economic meltdown. A special advisor to the German government, Professor Peter Bofinger, has predicted that Spain and Italy will be forced to leave the euro in the immediate future because of Germany’s new rules.
Stocks are up - just ignore everything else... "all is well"
One of these things is not like the other... Stocks were panic-bought once Europe closed but Crude, Credit, and Carry crumbled...
When last we checked in on Norway, we outlined what we called the country’s “currency conundrum.”
