International Report

The FTSEurofirst 300 index was down 0.8% closing at 1,044.89 points. The Nasdaq climbed +0.25% and the S and P 500 dropped 0.02% at 1,138.50.

Yesterday, proposals to impose curbs on speculators using credit default swaps to bet against troubled states like Greece were labelled by the City as misguided and unworkable. Greek Prime Minister George Papandreou is meeting with US President Barack Obama today, this is in order to gain support for his campaign, at the weekend he stated that Eurozone measures to tackle CDS (credit default swaps) speculators would be unearthed this week. In Detroit property prices have fallen extremely low. One in five properties lies empty; the city appears to be in terminal decline, its population dwindling by the day, hit by an exodus of unemployed and despondent citizens desperate for better prospects elsewhere. Some homes are even going for $100; others are on sale for $500.

Due for release today is the AUD Home Loans m/m.

by Greg Secker

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