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Daily Market Commentary

Yesterday's session saw us move lower on the back of a powerful equity rally.

 The World Bank's chief Latin American economist Augusto de la Torre said that inflation in that area will exceed 8% this year.  Why is this important?  We are watching the developing world closely.  As these areas battle inflation, we in North America could be facing the opposite problem.  Tomorrow employment numbers will be important, but weaker employment recently and massive housing deflation in the US and UK are making main street poorer, while the prices of imports rise.  One of the reasons we've had dis-inflation over the past 20 years was that we were importing it from LatAm and Asia - now it appears the opposite is happening.

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