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Daily Market Commentary

After a brutally slow session (note to the government: PLEASE sync our holidays with the US and/or the UK - It wasn't even Victoria's real birthday!), we are getting underway slightly lower ahead of the numbers for the morning.  Lots of housing data will be out later this morning, and the PMI and Manufacturers index series are all out this week. 

The British Bankers Association is facing increased scrutiny in its attempts to fix the LIBOR rate.  Bloomberg reports that UBS claimed to be able to borrow at lower rates than its rivals on most days, even as the sub-prime crisis took hold, which UBS is neck deep in.  Since LIBOR relies on the good word of the reporting banks, it is not immediately verifiable.  This has caused a crisis in confidence for the widely used interest rate.  Literally billions of dollars worth of fixed income and derivatives are priced using this rate. 

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