While France insists that ECB (European Central Bank) shall act ac lender of last resort, Angela Merkel flatly is rejecting ideas which makes Germany the responsible paymaster for a sovereign debt ridden Europe. Germany and EU Commissions is also on collision course. While Barosso yesterday claimed that stricter Brussel co-ordination of financial and taxation is the right medicine, Germany stressed individual nation states responsibilities for getting their house in order. In Portugal there is a general strike. Unrest continues in Egypt.

Continued EU quarreling and a shock decreased appetite among investors for German bonds at yesterday’s auction, led together with increased US-jobless claims to further falls in global security markets. Europe and US fall steeply and Asia had a mixed opening. US is today closed due to Thanks giving.

The Euro is under renewed pressure with Euro/USD trading at 1,3373 which, nevertheless, is up from yesterdays low. Continued Japanese central bank’s interventions has weakened USD/JPY at 77,16. Gold and metals demonstrate great volatility with Gold creeping back close to 1700 level. Oil prices are stabilizing with NYMEX at 96,50 and Brent trading close to 108.