Aussie market ran into overnight global selloff and gave up pretty much all of yesterday’s gains after four straight positive days. Chinese equities continue to be very volatile and show signs of potential asset bubble risk like their property sector. The two key worries in the market are US interest rates rising and Greece default. The reality is that US Fed was the first to start the currency war and despite all the smoke and mirrors, will only turn the tap off very slowly over time. The big chill for the market is based on the fear that rates are going to rise at a solid pace, but the reality is that US Fed may be running out of excuses for not raising rates and yet they will come up with plenty of excuses to take 3-5 years to normalise rates. Greece default on the other hand is not in the short term interest of the Greeks or EU and thus the game theory suggests that we will have a deal in the end. (VIEW LINK)