Long weekend in Sydney . . .

Just a quick post from Sydney where it's a holiday long weekend. Equity markets here fixated on RBA possible rate cut tomorrow. It's probably 75/25 against. My own view is they need to cut, but the RBA Governor Stevens will probably wait another month.

I note Xstrata board is now recommending the merger with Glencore subject to management lock-in payments. Obviously a huge sellout of shareholders. I want to emphasise that I have not read the boards official letter, but clearly I see this as a huge victory for Glencore.

I managed to get out on the bike over the weekend and although high winds cut my pleasure down it was great to be out in some mountains again. Short, slow, but sweet . . .

 

Ciao!