1. Greece After months of vitriolic negotiations and after calling a referendum in which it successfully campaigned to have Greece vote against accepting a financial bailout from the EU/IMF, the Greek government appears today to have accepted that bailout.
2. Chinese stocks After plunging for a month, Chinese stocks have risen by 10% over the past two trading days. The world is breathing a sigh of relief. I’m not sure what’s weirder–that this happened or that foreigners believed for a short while that in a country where doing anti-social stuff can get you either a long prison term or beheading, rather than the cover of Forbes, China would be unable to achieve this outcome. Actually, the foreign belief is way weirder.
3. Microsoft/Nokia Less than fifteen months after acquiring the cellphones business of Nokia, MSFT has discovered that what it bought for over $7 billion (led by mastermind Steve Ballmer) is essentially worthless and is writing off virtually the entire purchase price. The stock went up on the news.
Which is weirder: that the MSFT board that rubber-stamped this disaster is still intact? …or that people are still buying Clippers season tickets? I suppose you could argue that Nokia was the price for getting rid of Ballmer, which would imply that the behavior of Clippers fans is weirder.
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Did you see that JPM turned bullish on Macau gaming today?
Also, Dan is fine.
No I didn’t. Thanks. Apparently the Golden Week holiday is off to a very strong start. Also, last week a high-level government official said that Beijing was not going to allow Macau to collapse and mentioned a number of possible stimulative measures. The two are why the Macau related stocks have been so strong the past few days–although from levels I would have thought impossible a year ago.