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Although I’m not sure of the difference between a cash injection and a bailout the global view has responded positively with Asian stocks and US stock futures up this morning, with Spanish bond yields easing back down to the 6.17% level.

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On the US economic data front, initial jobless claims fell by 12,000 to 377,000 (378K expected and 389K last week) in the week ended June 2nd. Stocks in the household & personal products and capital goods sectors traded higher while shares in the semiconductors and telecommunication services sectors were under pressure.

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Talks of Euro power brokers cobbling a rescue package for Spanish banks saw risk gain a bid tone in overnight trading and the positivity was brought over to the Asian session, with equity markets making strong gains across the board.

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A strong start to Asian stocks start for the day, thanks to Australian GDP numbers, probably will only last until Europe wakes up as news wires across the globe tell stories of an impending and messy Greek exit or Spain begging for aid for its banks to avoid the continued collapse.

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The continuing fall of the Euro, Greece and Spain has hit Chinese manufacturing numbers as their drop has reminded everyone that contagion is a very real threat to even the biggest superpower.

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Greece’s latest polls are now showing that the populous want to see the terms of their bailout changed to reduce significantly the austerity measures required, this has brought about fears that a Greek exit from the Euro is closer than previous polls suggested.

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Today’s collapsing markets; Greece, Spain, the Euro, Bankia and Facebook will dominate people’s thoughts today, and so they should.

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Markets in Asia on risk aversion mood again, after calm North America markets with US away for Memorial Day. Concerns over spike in Spanish bonds to 6.50%, and fresh challenge from Greece anti-austerity Syriza party, continue to weigh on sentiment as various government make contingency plans over Greece exit from euro.

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sian stocks have gained some small ground today with the Nikkei up 0.14% and the Hang Seng up 0.66%, value that has been mirrored with a slight rise in Gold and Oil, again the Greeks are responsible for this move as there is some renewed optimism that they won’t cause the end of the world this week.

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Relatively stable markets in early Asia trading, but renewed risk aversion seen creeping back as Cross/JPY, EUR/Cross under pressure in late morning.

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Something of an air of disappointment initially on Wednesday as the long awaited break of 1.2625 on EUR/USD failed to produce any real follow through.

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More Risk aversion in Asia as traders made preparations for Greece euro exit - after some confusion whether former Greek PM Papademos did or did not say about exit preparations. EUR, AUD, NZD, Cross/JPY started the day under pressure, but USD/JPY, Cross/JPY traders were reluctant to sell ahead of BoJ decision - risk event - in case BoJ eased monetary policy further.

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The Bank of Japan will likely stick to its assessment that the flat domestic economy is showing signs of a turnaround, when policy board members convene for a two-day meeting starting Tuesday.

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European leaders are drawing up a series of crisis-fighting proposals to raise at an informal EU summit this week that have in the past been rejected by Germany putting further pressure on Chancellor Angela Merkel.

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European shares were set to open sharply lower on Friday, heading for their worst weekly loss since late November on an escalating crisis hitting Spain’s sovereign debt and its banks, downgraded en masse by Moody’s overnight.

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