China caused waves across our portfolio. First of all, in an admission that something was needed to set GNP growth back on track, China cut interest rates in a new stimulus initiative.

What is astonishing about the way banks cheated their clients by colluding to fix exchange rates to extract higher sums is not only that they did this to what they called “Numpty's”, but when they did this.

Profit margins are probably the most mean-reverting series in finance. If profit margins do not mean-revert, then something has gone badly wrong with capitalism.

The key reason for the victory dance is that the GOP managed to eliminate Tea Party contenders from major races, mainly by use of vast sums of money.

The gold price drop is more a temporary result of the stratospheric rise of the dollar against other currencies rather than a lack of appeal from the yellow metal. But as I warned last week, I have no idea when this will reverse.

French economy is stalled, with unemployment high, and growth hampered by excessive government intervention and distribution. Too little work is being done thanks to the 35-hour week and the month of annual vacation workers get as a matter of course.