Irish banks are losing ground... once more

In Dublin fair city, where girls are so pretty, the Irish banking sector is slipping away. Anglo Irish Bank, nationalized, announced they probably would halt payment of interests on part of their bonds. They cite the European Commission as source of this action in order to get the 3 bln EUR investment approved which was done earlier this year by the government.
Allied Irish and Bank of Ireland are trading substantially lower on this news.

I like the comments of Brett Steenbarger, intelligent as always:

Commodities have become a pretty good proxy for sentiment regarding the prospects for global economic recovery, as growth can be expected to generate increased demand for oil, industrial metals, and food stuffs. After breaking out of the base extending from December through April, commodities (DBC, above) have pulled back into that base, as investors have renewed questions regarding growth prospects. With that, inflation themes have taken a back seat to deflationary concerns, strengthening the U.S. dollar and sending Treasury prices higher (and yields lower).
For investors, nothing is more important than scoping out the prospects for inflation vs. deflation. The movements of the various asset classes are a kind of voting mechanism regarding those prospects and, thus far, are voting for continued economic weakness.

And then there is this: http://invislib.blogspot.com/ . The invisible library. If you want to look to something different this weekend than this is it. The Invisible Library is a collection of books that don’t exist, except in the pages of other books. It is physically manifesting at the Tenderpixel Library in London, but will resume invisibility after 12 July.

Time’s up folks. We close the laptop and stroll to the local pub for having a good Guinness. Take care and everyone a jolly good weekend. Sphere: Related Content