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	COMMENTARY	18 November 2011
	Germany odd man out
	In the past week we have seen yields on all Euro sovereign debt other than Germany move substantially higher. At face value this is a cause for concern but we question whether it is the danger it purports to be...

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	COMMENTARY	07 October 2011
	Priced for disaster
	Markets have improved over the last week as optimism has returned that the seemingly endless dithering by European politicians over how to deal with the Greek issue appears to be nearing an end...

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	COMMENTARY	30 September 2011
	Stick or twist
	On 21 September the US Federal Reserve announced that over the next 9 months it would sell $400bn of short dated government bonds and buy the same amount of longer dated government bonds dubbed 'Operation Twist'...

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	COMMENTARY	09 September 2011
	Growth and banking concerns
	Last month saw significant falls in equity markets, particulary in Europe. Most markets are off their lows but weakness is persisting...

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