Market Review Yesterday our strategy was based on the idea that the Cypriot Government would delay their deposit tax vote by another day and in the meantime we expected markets to remain stable. However, it was our alternative scenario that proved the correct prediction as the Cypriot Government did vote and they voted ‘no’. Rumours that this was going to happen just before 15.00pm London time and this triggered a risk off move across the asset classes. The S&P back towards Monday’s low
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December Markets reversed their risk-off move last night