The political and social disruption resulting from eurozone nations being processed like sausages will wear on investors’ nerves, in the same way that living near a slaughterhouse and listening to the screams of livestock being rendered, weighs on the mood.
Forget Europe though, the scariest news of the week to me is HSBC taking $1.8Bn of loan impairment charges last quarter as large amounts of customers simply stopped paying their mortgages.