Monday, Monday, can’t trust that day
Monday, Monday, sometimes it just turns out that way
Oh Monday morning, you gave me no warning of what was to be
These ‘Mamas and Papas’ lyrics certainly sum up Monday this week:
• Oil prices went to another record high, just under $140/bbl, as traders worried about the falling US$ and the risk that an attack on Iran might not be far away
• A leading US economist suggested that the next 18 months might parallel the 1988-92 US real estate crisis, ‘when more than 1000 banks and 1000 thrifts failed’.
• ICIS’ Nigel Davis highlighted the suggestion from Citigroup analysts that the chemicals industry was also‘heading for crisis’ due to its inability to pass through recent feedstock cost increases