What does the United Auto workers union have on Barack Obama? First, he bails out GM and Chrysler to the tune of $80 bln and gives the union a huge chunk of equity, greater than they ever could have expected in bankruptcy court. Then he launches a trade war with China over imports of Chinese tires. Must be juicy, whatever it is…
S&P futures are down 7.5 points on the news and the risk appetites have slacked off a bit. EUR/USD trades at 1.4567.
