Iran flooding !

To make matters worse for the oil market, Iran is unleashing its massive crude oil inventories (in storage). It will take it some time to return to production levels that existed prior to the sanctions, but when it does, the markets are going to be even more oversupplied.

pétrole Iran

Bearish Oil

Crude oil turned decisively weaker in the last few days. Both fundamental and technical factors are not great.

crude oil

Swiss National Bank

SNB is buying euros to weaken its own currency, the Swiss Franc, is so huge quantities that she has currently the biggest balance sheet (by far) among the major western central banks !

banques centrales


The nasty equity market rout continues: the Shanghai Composite gave up over 7% yesterday, down 19% since June-11th.


China’s FX reserves fell by $113bn in Q1 of this year.



More evidence is emerging that Greece stands on its own when it comes to euro area exit risks. Unlike in the 2011/12 period, capital outflows are not an issue elsewhere in the Eurozone periphery. Whether now or in six months, the troika leadership is increasingly more comfortable to let Greece go should other options are exhausted.

capital exodus

Brain in Greece

Greece has been losing talent as the massive unemployment rate sends professionals to greener pastures:

cerveaux grecs