|UGLY or OPPORTUNITY........|
A couple of other finance things I'm watching:
1. Dodgy Spanish Banks: Banesto was the first Spanish bank to report for the period. Everyone should read these results, because it shows you what the EU template is going to be.
a) Make a profit. Produce it any way you can, just so long as the numbers add up
b) Magically get you tier 1 capital above the current limits
c) Make truly extraordinary gains, so extraordinary in fact that by the end of the reporting season everyone will have done the same thing making them just truly ordinary
d) Balance everything out with some provisions that will be big, but not big enough to cause real panic about the true quality of some of the collateral you've been passing off to the ECB
|Would Miguel Induran, aka "Big Mig" want to ride his Pinarello today if Banesto was his sponsor?|
3. Not so dodgy Aussie jobs numbers: My brothers continue along their merry way. Aussie jobs dated outperformed expectations of 6,000 new positions by creating 44,000 positions for the period. Think about it .... This is a huge number and I'm prepared to swallow some paper losses for the moment until the Chinese reality starts to bite. There's an expectation that the RBA Reserve will cut its cash rate 25 basis points to 4.00% on May 1 . . . but how can they? Stay tuned.
Speaking of no worries, my back problem has almost gone. Unfortunately the rain is here again so it was off for a gentle session at the gym. While there I listened to the usual ESPN sports talk and one of my favorite cycling themed podcasts "The Bike Show". The Bike Show is a bit furry and green for most fire eating masters of the universe and it deals a lot with local issues in London. Having said that so long as you know that Blackfriars bridge is in London and that cyclists get hurt or killed there a lot you'll be able to get to the good stuff such as this weeks run down of the big one day races. I highly recommend it.