Aussie market opened positive and maintained half the gains despite RBA leaving rates unchanged as expected. RBA left it unchanged and that saw the currency shorters cover and push it up. The terms of trade shows the trend remains on the slide while the better than expected retail data gave false optimism. The retail data included period of budget hand out to small business, RBA rate cut and rising house prices. We are unlikely to see that mix again. Greek market opened yesterday and got slapped and time will tell if that is the start major selloff or it will stabilise from here. Chiquities watch today shows that Shanghai was up as high as 3.5%. No one can predict where this will end even today, but volatility is high and not going to slow down anytime soon. The PBOC can’t support it forever and they need to manage this down to long term market multiples and that is at much lower. NO SUNSET STRIP TOMORROW...BACK THURSDAY!!! (VIEW LINK)