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Japan's stocks entering a correction, dropping more than 10% from their peak -Bloomberg Each $1 in credit firepower added the equivalent of 17 cents in GDP, down from 29 cents last year and 83 cents in 2007 (China) -Bloomberg The Government must continue with its deficit reduction plan if it wants to turn the UK’s economy around and establish the recovery, the influential Organisation for Economic Co-operation and Development (OECD) said yesterday Euro area data,…

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Ben Bernanke took centre stage yesterday, as he read a prepared text stating that that he sees no benefit in tapering of QE, pushing Gold up around $30 to over $1400/oz, with the expectation of prolonged money printing. After the prepared text, Ben Bernake held a Q&A session, which he subsequently stated that if employment and US data continued to improve then over the “next few meetings” the Fed could begin to taper. These comments led to a whipsaw in markets, as traders rev…

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