Salient to Investors:
George Soros warned that a failure by EU leaders to produce drastic measures could spell the demise of the Euro and that policy makers should create a European Fiscal Authority to purchase sovereign debt in return for Italy and Spain implementing achievable budget cuts Soros said Angela Merkel is worsening Europe’s crisis because countries need growth, not the austerity she has called for.
Hedge funds reduced bullish oil bets to a 19-month low in the seven days ended June 19. Money managers, including funds, commodity pools and commodity trading advisers, cut bets for a seventh week.
John Kilduff said things don’t look promising for the summit, and nothing appears to be in the cards that will end the crisis, and an ultimate breakdown looks likely.