1. Messy in Spain...and financial assets there have been volatile today.
Spanish election – uncertain outcome as with almost all votes counted, the Popular Party (PP) had 123 seats; the Socialists 90 and the anti-austerity Podemos party 69. The liberal Ciudadanos party was in fourth place with 40 seats. The PP could find it very difficult to form a government because it can't achieve a majority in parliament in coalition with Ciudadanos, its most natural partner. The Socialists, on the other hand, could form a pact with Podemos and Ciudadanos. El Mundo front page: "Spain buries bipartisan system, government up in the air". La Razón front page: "Rajoy wins election with ungovernable parliament".
2. Dow theory not looking hot -
Been a bit busy today writing various articles for third parties and related. So I finish with a few tweets:
3. Fascinating report & graphic "Even middle England can't get on the property ladder http://www.cityam.com/231226/uk-house-prices-home-ownership-is-a-distant-dream-even-for-middle-england … via @CityAM "
4. The new QE regime: buy assets that have not been created yet. Sounds almost South Sea bubble esque...
The Bank of Japan's $2.5 Billion Plan to Buy Non-Existent ETFs http://www.bloomberg.com/news/articles/2015-12-20/the-bank-of-japan-s-2-5-billion-plan-to-buy-non-existent-etfs …
5. Brilliant commodity insight from @RBS_Economics:
18 months ago a barrel of oil bought you a bottle of Pol Roger 2004 champagne. Today you get Sainsbury's own brand.