株 left in nowhere land

By ALEX BRUMMER FOR THE DAILY MAIL
Updated: 09:22 BST, 23 October 2007

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黒人／ボイコット Monday it was not. The FTSE-100 rolled with the punches and the Dow, after a very nervous 開始, 安定したd itself.

Yet most of the factors which gave 塀で囲む Street the willies at the end of last week are still there and could より悪くする. On the foreign 交流s, Group of Seven 会合s have become coun ter cyclical 指示する人（物）s as far as market 静める is 関心d.

An 会・原則 which was 就任するd at the Plaza in 1985, when the dollar was overvalued, has become almost irrelevant. Everyone 含むing the US 財務省 長官 Hank Paulson recognises that the absence of the BRIC 力／強力にするs - Brazil, Russia, India and 中国 - has turned the G7's 審議s into an empty gesture.

Yet the same 'Old Europe' 力／強力にするs led by フラン and Germany who are going slow on giving more 投票（する）ing 力／強力にする at the International 通貨の 基金 to the BRIC nations, are 捜し出すing to 妨げる the G7 becoming the G11.

The result of this inaction is that sell 負かす／撃墜する of the dollar against the euro and 英貨の／純銀の continued apace at the 開始 before 決起大会／結集させるing later. But the prospect of another 連邦の Reserve 利益／興味 率 削減（する） together with the 国際通貨基金's 査定／評価 that the dollar is still overvalued in the medium 称する，呼ぶ／期間／用語, looks enough to keep the 米国紙幣 under 圧力.

There is also a realisation in the US that にもかかわらず some healthy 収入s 報告（する）／憶測s, slowly but surely the sub-prime 危機 is working its way through their economy, which is 長，率いるing for 厳しい 減産／沈滞. We should not assume that the modest 公正，普通株主権 losses in New York and Europe mean the market blip is over.

There are many 推論する／理由s to worry. 学校／設ける of International 財政／金融 chairman 法案 Rhodes has 問題／発行するd a timely 警告 on bloated 現れるing market 資産 values, インフレーション and 全世界の 不均衡s. As the 退役軍人 大統領，／社長 of Citibank he should know.

Not for turning

最高の，を越す 商売／仕事 should have thought a little more carefully before taking on Alistair Darling over 資本／首都 伸び（る）s 税金 (CGT).

It was always going to be ありそうもない that a new （ドイツなどの）首相／（大学の）学長, who already has been traduced for 配達するing a 'magpie' 予算, was going to do a U-turn on the one 本物の 税制改革 in his Pre 予算 報告（する）／憶測. The CBI, British 議会s of 商業, 学校／設ける of Directors and 連合 of Small 商売／仕事s are doing what they are paid to do by repre senting their members 利益／興味s. Certainly, no one willingly wants to see an 80% 増加する in the CGT 率 from 10% to 18%.

Yet the 商売／仕事 ロビーs cannot have it both ways. They cannot call on one 手渡す for 税金 simplification and いっそう少なく red tape and on the other 手渡す ask for special 控除s for entrepreneurship. The real 重要な for 企業 is 接近 to start up 資本／首都, not the 税金 法案 when 資産s are cashed out. The 政府 has powerful 同盟（する）s. The TUC is glad to see the getrich-quick 私的な 公正，普通株主権 princelings brought 支援する into the 税金 逮捕する.

The 基金 管理／経営 産業 has welcomed the 簡単 for savers. Instead of making cheap points at the expense of the （ドイツなどの）首相／（大学の）学長, 商売／仕事 groups need to recognise how much better entrepreneurs are 扱う／治療するd than in the pre-Brown 時代 when a 40% CGT was the norm. Even at 18% British entrepreneurs will be better off than their US 相当するものs who are to be clobbered with a 20% CGT 率 and an end to 税金 控除s for second homes.

Red 危険，危なくする

Why does the G7 even bother? It spent much of the 週末 waffling on about the dangers of 君主 wealth 基金s. Then along comes Citic, the 隠しだてする 投資 arm of the People's 共和国 and 得る，とらえるs a 6% 火刑／賭ける in 耐える Stearns.

As one of the biggest 塀で囲む Street 犠牲者s of the sub-prime 危機, 耐える Stearns will take help from wherever it comes. The 隠しだてする Bahama-based British 億万長者 Joe 吊りくさび already has made an opportunistic 7% 投資 in 耐える Stearns. But he 代表するs no one but himself. Citic's 決定／判定勝ち（する） to pounce is a classic bit of opportunism from Beijing. This is a little like the 中国 開発 Bank's 協定 to take a 火刑／賭ける in Barclays at the 高さ of the 戦う／戦い for ABN Amro, when the need of 長，指導者 (n)役員／(a)執行力のある John Varley was greatest.

At least in the 耐える Stearns 事例／患者 there appears to be a degree of 相互主義 in the way that the 取引，協定 is structured. But is it really sensible for a 塀で囲む Street 会社／堅い, the epitome of 解放する／自由な market capitalism, to climb into bed with 中国 at this juncture? After all, the Chinese are so disdainful of the West's troubles that they could not even be bothered to turn up at the G7/国際通貨基金 週末 会合s, let alone explain the nation's 交流 率 政策 or its overseas 投資 goals.