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Nov 27

Dubai World Default

Early signs in the US are that the Dubai World default may not really mean too much. Sure US Stocks fell by more than 1%…which isn’t too uncommon nowadays…but conversely, US Bond Yields are up suggesting there isn’t too much “rush to quality”. Time will tell but I’d suggest this is quite a tame reaction.

Nouriel Roubini, famed GFC forecaster, apparently believes this may be the first of more sovereign defults…if so, then that’s a different kettle of fish. But at this stage…the US markets aren’t convinced.

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