Fri 11 March

Quite a recovery in our local market over the last two weeks reflecting a similar improvement in global markets

One area of concern for me has been the stocklending by some of our domestic super funds to international hedge funds to short sell our market

It is hard for me to see why a small fee for this activity justifies these funds effectively betting aginst their own members

An increase in both oil and iron ore and helped at least in the short term to improve sentiment

Overnight the ECB announced further stimilatory economic policy which spans the next decade

The real concern now is actual systemic deflation where goods become cheaper

Maybe the reality is that we will earn less but our purchasing power will be greater

Fingers crossed

Tony

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