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  • Portugal's government lives on, and Greece has received another sum of cash �€“ with more promised for October if it implements reform. Of course the October deadline could not possibly have anything to do with the German elections in September.
  • UK data has been generally positive overnight. House prices (RICS survey) were rising at the fastest pace in four years, and better weather seems to have tempted shoppers out in search of discounted bargains (BRC retail sales rose again).
  • US consumer credit numbers showed the best growth for a year, though the data is volatile. Credit normalisation is of course an important part of economic normalisation in the wake of a credit crunch.
  • Geopolitical risks persist with more violence in Egypt yesterday. The struggle to find a government and manage the transition would suggest that this is a threat that is unlikely to disappear from financial markets any time soon.

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