Investors are hoping for something big from European leaders at the EU summit on Oct. 23 and of the Group of 20 on Nov. 3. But they also know the 17 nations of the euro have a habit of offering delayed, half-hearted rescues that have cost them credibility.
German Chancellor Angela Merkel and French President Nicolas Sarkozy kept a distance from the idea of a common sovereign euro zone bond on this week, with France hinting only that it could be a possibility in the very distant future.
from Dave Graham:
As if by magic, industry has become all upbeat about the prospects for the German economy – just in case anyone had the impression companies were about to start firing workers en masse after an upcoming federal election.