Protests Aboard!
The past week could also perhaps be characterised as a week of protests; whether it be Catalonians in Spain, Portuguese against austerity, Indians against - what looks to me as though it is very - positive change, Chinese against Japanese ownership of some small islands, many Middle Eastern people against a variety of things, and Manchester United fans against failing penalty shooters. Many market participants are quick to cite the protests as yet another reason to worry and doubt the sustainability of markets. In a way, protests are a by-product of change, especially when it reflects the kind of adjustments that have to cope with changing global imbalances.

David Fuller's view Note the "positive change" comment regarding India above (see also my comments on India last Friday).

I do not recall seeing a copy of Jim O'Neill's report before today and I imagine most subscribers will also like it. He has a sensible perspective, writes well and Viewpoints is a useful summary on any item of interest that we may have missed during the previous week.