Archive - Jul 5, 2010

One of the world's last few remaining permaskeptics, Bob Janjuah, has severed ties with the UK's most bailed out and nationalized bank, RBS, reports Bloomberg. And just as the departure of David Rosenberg from Merrill in early 2009 marked the start of a period of complete market schizophrenia, we hope that the purging of negativists from the Royal Bank of Scotland is not indicative of just such another period, at least on the other side of the Atlantic. However, unlike last March when the several trillion in global stimulus funds was only just entering the economy, this time around not even the ritualistic sacrifice of bears will do much to stop the slide. And just to confirm that this is likely a localized issue to RBS, the Chief Markets Econoist Kevin Gaynor has also left the firm.

RANsquawk European Morning Briefing - Stocks, Bonds, FX etc. – 05/07/10

Sentiment in the crude oil market has been quite pessimistic lately with NYMEX front month dropping 8% in one week to $72/b. However, over the coming months, oil price should push higher reflecting the changing global demand/supply pattern resulted from some new development in the sector.