In This Issue..
* Risk Aversion returns...
* RBA cuts 25 BPS...
* Eurozone recession deepens...
* Oil backs off...
Good day... And a Terrific Tuesday to you! OK... I'll get to Opening Day in the Big Finish today, first, and foremost, I need to tell you about a guy that really threw a cat among the pigeons yesterday, causing a BIG scare and sell off of risk assets... Currencies that is...
His name is Mike Mayo, and he used to work at Deutsche Bank, and now is a banking analyst at Caylon Securities... And brother can he ever move a market! To make a long story short... Mr. Mayo basically said yesterday in a report that 'Bank Loan Losses Will Exceed Depression Levels'... So, all that James Brown, feeling good, that went on last week with the G-20 singing everything is beautiful, all went down the drain after Mr. Mayo spoke......
Filed under: Oil, Recession, Gold, Euro, New Zealand, Norway, GDP, Eurozone, Reserve Bank of Australia, Risk Aversion, Mike Mayo