The Asian exchanges ended in red for the fourth consecutive day effected by Angela Merkel’s resistance against issuance of EURO-bonds and, unwillingness to let ECB (European Central Bank) be a lender of last resort.

At the German-France-Italian summit Merkel stressed that Eurobond establishment shall level out national differences in the interest rates on bonds. An immediate result would be higher German interest rates. Instead of letting ECB act as lender of last resort, Germany wants changes in the EU-treaty which can force highly indebted national states to exercise budget discipline.

The continued internal quarrel in EU had a negative effect on Asian market. Europe is expected down for the ninth day in row. Euro is at at a 8 week low. EURO/USD 1.3332, up from bottom levels on 1.33 in Asia trading. Oil is flat; NYMEX 96,50 and Brent 107. Gold struggles at 1685 down 10 dollar since start of morning trade. USD is strengthened against JPY at 77.32.

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.

Asian market continued down this morning after a new dismal session in the US which saw all the major indexes in red. Slowing last month economic results from China adds to market turmoil. The situation inside the EURO-zone is confusing European leaders fighting each other unable to find any agreement on the proposed EURO-bonds. All the major US banks fall yesterday after growing concern that European financial crisis also seriously shall affect US.

Futures for Europe and US are pointing down with stock exchanges trading at their lowest levels since the dip in early October. As long as negative news are dominating there seems to be no way but further market falls in the near and medium term picture.

The Euro is under renewed strong pressure trading at 1.3460 against the USD. Central Bank interventions continue in Japan to avoid a strengthened yen. USD/JPY is 77.045. Gold and silver are up from yesterday’s lows in US and Europe trading at 107 and 32,55. Oil prices are up with NYMEX at 96,45 and Brent 108.