Monday Morning Recap: Goldman to the Commodities’ Rescue – Morning Notes

– Mixed trading in the overnight
– In Japan, Prime Minister Naoto Kan called for closure of Chubu Electric Power nuclear plant due to fears that it would not withstand another large earthquake
– This closure may have sent another small wave of fear throughout the markets, and the Nikkei ended down 70bps
– In China, the mid point of the yuan was set to a record high
– Note that there will be a two day meeting between China and Tim Geitner commencing today
– Hang Seng closed up 80bps while Shanghai closed up 30bps
– Pressure seen in Europe after Friday meeting with EU finance ministers in which they discussed a possible extension of Greece’s 110B EUR bailout
– Also discussed lowering interest rates on loans given to Greece and Ireland

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