A much better night - seems the Friday sell-off is, as Henry suggested, a Friday thing with a reversal on Monday. Two major drivers include good US Bank sector results which include the same vibe as we had last week from the BOQ - higher net interest margins, and an 'historic' policy U-Turn in the UK with the new Chancellor Jeremy Hunt, all but reversing the disastrous UK government policy measures that cratered the markets two weeks ago. The US dollar dropped 1.12% - a crucial element of the eventual reversal in the markets that we have bet on in the last week. Much 'happier to hold' today than we were yesterday. But it's still volatile.
Anyone who has been in broking will tell you that the Morning Meeting is how all brokers start the day. The format is to have a quick look at the overnight markets, consider what's coming up in the day ahead, hear from the analysts, share ideas and get set up for the day's stock market activity.
