From Daily Pro (Brazil)-
Every time I look in the mirror, the lines on my face are even more intense. The past is gone. It has passed like sunrise to sunset. It’s not like this. All of us have their debts in life to pay.
It is the beginning of Dream On and I make it clear that I am referring to the Dio’s version, with Malmsteen.
Risk aversion is skyrocketing due to the Brexit seemingly in the past. Markets engage a second consecutive session on risk. Investors add risk to portfolios in anticipation of Central Banks and economic policy managers in general can adopt new stimulus measures.
Bank of England inserted 3.1 billion pounds in the system and there is growing expectation that Italy can put up to 40 billion euros to capitalize financial institutions. Bank of Japan has already made formal statements of that it is studying the flexibility of additional monetary easing. And South Korea announced fiscal stimulus package.
We are once again in the hands of central bankers. Again, redeem The Only Game In Town, El-Erian: the role of central banks is unlikely to save us from progressive debts. Debt is not paid with more debt. And we all have our obligations to pay, and we cannot simply transfer them to the monetary authorities.
But that’s a topic for later. For now, all we want to do is dream, until the dream of the economic recovery a reality.
European stocks rise again more than 2%. Wall Street futures advance about 0.6%. Pushed by the external optimism Ibovespa Futuro rises 1.4%. Dollar falls back against the real and misses the mark of R$ 3.30, following the movement of currencies out there and reacting to the suggestions of lower Central Bank intervention after Ilan’s speech yesterday. With greater disposition to risk, emerging currencies gain against the dollar on the valuation date of commodities.