By Chris Becker
The selective memory of the central powers in Europe looks set to kick out Greece unless a deal can be done before Sunday, which is freaking out German bank stocks as bonds are quickly snapped up in a rush to safety. US markets were a little more sanguine, actually rising as the trade balance came in on target but the sell off in commodities continued. Gold (-1.8%), silver (-5%) and copper (-4%) were smashed alongside iron ore, although no news on the Iran deal kept oil from sliding further in its rout.
Recapping yesterday’s session in Asia, where volatility in the Shanghai Composite is falling slightly, as the ex-bubble index finished down a little over 1%, taking back some of Mondays gains. Attempts by the authorities to stop the run off may take some time here…