Friday, September 9, 2011

Closing Bell

Weakness accross equities and especially EURUSD pair contributed to today's losses on the carbon market (this eventually means that Euro assets are losing in value).

The very important events today on the markets were:
1. It was reported that ECB Executive Board Member Jurgen Stark has stepped down. The rumours say it was in connection with a disagreement over bond-purchase programme.
2. Germany is preparing to shield its banks from a Greek default.
3. Angela Merkel said it may be necessary to change the EU treaty to preserve Euro and the EU should not be afraid to do that.

This all led to Euro losing value to USD and any events during the weekend that may further undermine the trust in Euro-zone, will weight on how the markets open on Monday.

We stay short on carbon.

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