Market Update

Big day for Europe and their finance ministers which are meeting in Luxembourg today.  The Euro and European markets were losing on the official launch of the ESM and that Spain is holding back on its bail-out request. The first big decision from the meeting is that the Eurogroup approves an EUR 4.3 billion aid tranche for Portugal.

Another factor that played a role on today’s red numbers is the forecast of the World Bank on lower Asian growth, which is has a significant effect on commodities and precious metals.

US markets were also negative, but on very low volume since most banks where closed due to Columbus Day.

Tomorrow Alcoa will kick-off the Q3 earning season and we are looking forward to the numbers.

Here is some reading material:

Finally the last part of the three part BBC documentary Masters of Money, which in this episode takes a look at Karl Marx:

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