The Morning Vibe

Posted by Nogger - a legend in his own mind at 09:52 | Categorized as

12/04/11 -- The overnight grains are sharply lower on the back of a general malaise this morning.

Japan has upped the severity rating of the nuclear crisis to the maximum possible 7, the same level that applied to Chernobyl. Another earthquake, this time measuring 6.0, rocked the region again early this morning.

The hoped-for ceasefire in Libya looks less likely having viewed the images of African Union officials in Benghazi last night on the TV. It looked a bit like putting Bonnie Langford in to referee an old firm Rangers/Celtic derby.

An imminent rise in UK interest rates looks less likely after news that UK Consumer Prices Index (CPI) inflation fell to 4% last month, from 4.4% in February.

Eying America struggling to sort out it's massive budget deficit the IMF have lowered it's US GDP growth forecast from 3% to 2.8%. Growth in the UK was also downgraded from 2% to 1.7%.

UK retail sales for March fell the most since records began in 1996, according to the British Retail Consortium (BRC).

The BRC said that "uncomfortably high inflation and low wage growth have produced the first year-on-year fall in disposable incomes for 30 years".

The pound is down to 1.1250 against the euro, and has fallen from a peak above 1.64 against a similarly weak US dollar to around 1.6250 as the two currencies struggle to fight their way out of a wet paper bag.

Brent crude is up to USD124.35/barrel.

It just can't stop raining in eastern Australia with some parts of Melbourne picking up more than a months worth of rain (average 50mm in April) in less than 24 hours overnight. What they wouldn't give for some of that in Western Australia state.