* It's been another terrible week for US markets with the DOW down 1.6% yesterday, the S&P falling almost 5% for the week, and the NASDAQ slipping almost 7% for the week as well.

* Gold once again is testing new highs, ending 1.7% higher along with silver, which is up almost 1%. Crude on the other hand has slipped together with the indices and is now down 3.7% for the week.

* Fitch affirmed their AAA rating for the US, citing that the USD is still the world's reserve currency among other things. Outlook isn't that good though; CPI and PPI figures have risen while Philly and NY manufacturing number dropped significantly. Jobless claims shot over 400k as well. Wonder how the Ben Bernank handles pushing through with QE3 with real rates hitting negative.


* Things weren't utopic in EUtopia with the FTSE down 2%, the DAX -3%, the CAC -2%, and the IBEX down roughly 2% as well.

* Merkozy's much awaited meeting accomplished a whole lot of nothing as far bailouts, the EFSF, and Eurobonds are concerned. They did accomplish to spook the markets with an anti-business transaction tax though.

* The Troika will visit Greece next week to check out how they're doing. After tanning their weird, old people skins, they will be greeted by an economy which their own Finance Minister thinks will contract by 4.5% this year. Add in other finance ministers refusing bailout money without collateral (Greece is offering cash under the current plan), the Troika will have their work cut out for them.


* Just like last week, the carnage from the US sessions spilled onto the Asia markets, sending the Nikkei down 2%, the ASX -3%, the Hang Seng down 2.5%, while Shanghai, Singapore and SoKor were down 1.3%, 2.7%, and 5% respectively.

* China has hinted that they will allow the Yuan to float soon, adding that they're confident their exporters will be able to handle it. I have my doubts but either way; this will be good for investors and absolutely fantastic for US and European exporters. Incidentally, they also announced that they will continue tightening measures so the Yuan could be a no brainer buy.

* Japan has lost their distinction as the low interest rate country. With everyone doing their own variations of QE, Japanese yields are now higher than Swiss and American bonds. This could partly explain the Yen's appreciation but nevertheless, with the BoJ's weakness in handling the Yen's rise, this will be nothing but trouble for them.

OK, that's enough for today. It's been a pretty shitty week but thankfully we have something to look forward to soon:

NPH in heaven. This is going to be epic.

Enjoy your weekend monkeys.

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