A G7 summit of heads of government would take a month or more to organize, says Sarkozy’s office. Just as well. The group has put together a massive package of bailouts. Better to let the markets adjust to all the new sources of capital and liquidity than to rush into what would essentially be a photo-op.
US equities have returned to positive territory while European equities closed with solid gains. EUR/USD has bounced back after holding support in the 1.3605/15 area and now trades at 1.3655.
On the wires, German finance minister Steinbrueck says German growth in 2009 could slip to just 0.2%.
