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Plan B

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  • Plan B is due for Cyprus, apparently. Aside from the fact it is not possible to be worse than Plan A was there are no details, but the Russians do not seem to have been very forthcoming. The Russian PM has made threats about selling Euros from their central bank reserves - a pretty important threat.
  • The US Senate has passed a continuance measure that will prevent a US government shutdown for the next six months. It now heads off to the House. Not shutting down the US government is considered a good thing (by some).
  • The w Bank of Japan governor Kuroda is to give a press conference. In fact, what the Bank of Japan does with money printing is less relevant than is what happens to the money after it has been printed - whether Kuroda can influence that remains to be seen.
  • Chinese manufacturing sentiment data was better than expected, marginally. The Euro area is likley to continue to show contraction in its manufacturing sector, albeit Germany may do somewhat better. The US Philly Fed and UK retail sales are due.

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