appendix 3b, page-8

There is little appetite for ECB loans from the banks in Europe, that was the most immediate worry.
My longer term worry are dropping numbers in growth in China. That country is driving our resource market.
Anything below 8 percent growth ( according to many analysts ) in China domestically will create an instable social environment, due to 200 mil mirgant workers, factory closures etc.
China's domestic issues are so huge that they are only kept in place with strong growth figures.
The panic selloffs on the Shanghai stock exchange make these dangers evident.

I see next year to be a great challenge for global growth, due to China's slowdown and American debt issues. Geithner mentioned that the world can't look to the US as it had done in the past to drive the global markets. That is a real worry as we have followed the American market as a barometer of our own wealth status.

The other issue is the discrepency between Europe and the US how to tackle debt. Lending and stimulus against restraint in spending and saving is a discussion still ongoing and unlikely to be solved soon.

For OBJ, this will create an environment in the medium term of lower spikes and shorter rallies, thats something we will all have to live with for the medium term, in my opinion, when trading specs.

That does not mean that fundamental announcements will not be rewarded with SP increases, they just will be taken more cautiously than previously.
All in my humble opinion.