Stocks trade like a wet bag of poo (the bottom falls out of a wet bag, now doesn’t it?) while the euro is only mildly pressured.
It is going to be very volatile for the next several days as we fend off headlines and rumors related to the EU summit.
The FT picks up on the theme that no comprehensive solution will be reached tomorrow, undermining risk tolerance.
A draft of the summit communiqué circulated to national capitals late on Tuesday and described to the FT does not include any wording on a completed deal on Greek bondholder haircuts, and instead refers only to a second bail-out being concluded sometime in the future. No timetable is mentioned.
All the market wants is facts and figures in the Europe is not yet at the point where it can provide the goods…
