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Surface calm and confidence hides turmoil below

Published Monday, June 9th, 2014

Another week passes in which once again markets, as far as closing numbers are concerned, seem relaxed and confident. That should not disguise the fact however that there are plates moving below the surface and it was another week in which events of importance occurred, any one of which could create great waves in the weeks, months and years ahead :-

— The G8 met as the G7 for the first time in 17 years. Russia was placed in the bad boy corner and excluded from the session. President Obama is demanding that the Kremlin must stop “financing or supporting or arming separatists on Ukraine’s sovereign territory”. Angela Merkel told the Bundestag that “we won’t shrink from imposing further sanctions”. Both talk tough with limited follow through but the Eastern Ukraine problem is not going away and even if tensions ease what is going to happen over the annexation of Crimea? A cold or even chill war will be a drag on the global economy and we can only hope that the 15 minute meeting between Putin and Poroshenko at the D-Day celebrations signals a real breakthrough.

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Posted by David Hufton