President Obama lashed out China at at the Asian Pacific summit accusing the Chinese for deliberately taking advantage of an undervalued currency in its foreign trade. Obama claimed this is seriously hampering US economy and growth. American also pointed fingers against Iran for presumed efforts to create nuclear weapons.

Italy has followed Greece’s suit and elected a former EU-commissioner as Premier. The former Vice President of the European Central Bank, Papademos, has substituted Papandreou in Greece, bringing to power Euro technocrats rather than elected politicians giving the interest rate level on bonds a bigger say than politicians in electing governments. It is an open question whether this shall

calm the public anger against tough austerities.

Markets have, however, reacted favorably on the changes. Asian exchanges are strongly up this morning and European futures positive. Euro/USD is 1.3753 and USD/JPY at 77.14. Oil prices continue to raise following new Israeli threats to attack Iran and the tense situation in Syria; NYMEX is trading 99,75 and Brent 114.64. Gold prices are also up at 1793.