Monday 5 December 2011
Santa Rally week thanks to UK PMI
And more importantly, if you are a fund manager sitting in Europe you are sat on some hefty losses for the year. You need to beat the benchmark, even if that benchmark is -10%. This is hard to do in a falling market so in December we always see Santa Rally's ( and there they go in the picture, the fund managers' off to work in the City at 6.45 this morning)
Better news to is that Merkel and Sarkozy are going to talk all week long, who knows whether this is going to achieve anything, but a whole week of talking will have traders thinking a solution is going to be arrived at.
This week, events aside, is going to be quite a decent rally in the markets as they get in the Christmas Spirit.