London Session Recap
02 April 2009 @ 08:37 am EDT
Global risk trades were on fire in London trading as speculation that IMF funding will be increased to $1 trillion has global equities ripping. European bourses are up +3% while US futures are pointing to a +2% open. The Financial Accounting Standards Board (FASB) is also set to vote on accounting rules today, including the controversial mark-to-market, and this is seeing financial shares higher. Ostensibly, bank earnings would increase by about 20% if these rules were changed. Gold was sold on risk appetites and has shed about -$13 thus far into the 914/915 area. The buck was also lower against most of the majors on the flight away from safety.
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