As I`ve read EU officials retreated on financial transaction tax I cannot help but wondering why they`d set back the European financial sector by levying such burden? I`m not wearing my speculator hat I usually put on but employing common sense: most Londoners still believe they have some sort of greatness but the uncomfortable truth is that Hong Kong or Singapore will inevitably take London`s place and measures like transaction tax will accelerate this process.

Two weeks ago feral hogs made some troubles but today one of the PIGS is responsible for the same thing. But dropping the act, the political situation in the EU was somehow calm lately but this might stir it up a bit.

Thursday is Independence day in the US so today`s slip might have been a premature reaction to the next jobless rate figure.
Fed voted to adopt the Basel III and it had no real effect on the major banks so it`s either a low bar to jump or it was in the prices already so an other risk gets out of the system reducing the pressure on banking sector.


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