The US vote suspense is ... irrevelent

Whatever happens in the Congressional vote the stock markets look sure to go lower. Note well what happened in the Far Eastern stocks overnight: the sight of export-led economies still anticipating a massive slow-down in Western markets.

The idea that US and European stock markets have discounted the recession coming our way looks unlikely. The Dollar's rise is signalling that Europe will comes over the spotlight next....and though the European short rate markets are beginning to anticipate that rates will fall, their stock markets surely remain very vulnerable. I'm deeply grateful to those buyers to whom I sold two (heavily discounted) properties earlier this summer ...

Mark Sturdy

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