By Chris Becker
Sorry for lateness!
The positive mood in Asia on Friday spilled over into Europe but stalled in the wee hours of Saturday morning as Canadian GDP slumped amid collapsing commodity prices and Fed hawks were deflated by the employment cost index, which barely registered a rise. Together with a limp European and Japanese CPI print, the wolves of deflation are circling the global economy. Bonds of course were bid on the combined result and a steady oil rig count kept the selling pressure on crude as the US remained firm against all the majors.