• The Euro-zone debt crisis is a long way from over, and it will be a long hard slog for Greece, Portugal, Ireland, Spain and Italy but I suspect that we may have passed the worst of the financial panic associated with it. With the exception of Greece, which may yet leave one day, ultimately I see the Euro-zone hanging together and becoming stronger, not weaker.
• With economic rationalist reforms being imposed across Europe, depressed European shares & assets are likely to be great value on a ten year horizon.
• Meanwhile, HSBC’s China manufacturing PMI was little changed in September coming in at 47.8, versus 47.6 in August. The good news is that it hasn’t become any worse, but the bad news is that it is yet to improve suggesting that Chinese economic growth and industrial production remain relatively soft. More aggressive policy stimulus is still called for, but it may have to wait till after the leadership transition is resolved.

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