Huge relief on global markets that the Spanish issue is out of the way. Spain has always been theoretically a bigger concern than Greece or Portugal or Ireland - the youth unemployment there is an awful situation. However, the Spanish people already fixed their own political situation by dumping the socialists and elected the economically responsible conservative party of Rajoy. Even they have been resisting the inevitable bailout, creating market concerns, but at long last have done the right thing for Spain and Europe. Just like Ireland, Spain will now put this sorry episode in their history behind them.
The beauty for LYC is that all these good vibes will show up on the UK,EU and US markets on Monday night + we have the PSC report being presented to the Malaysian parliament on Monday - when we open on Tuesday, I can't imagine a more bullish scenario, even without Ongkili - if he does do the decent thing before then as well, then I can't imagine...
LYC Price at posting:
96.5¢ Sentiment: Buy Disclosure: Held
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