The fate of the global equity market rally now comes down to China. Will it continue to stockpile hard assets? Will the data points continue to soothe and impress? Much is at stake either way…  

If you grew up in the United States, you know that English literature is one of those subjects they foist upon you in 10th grade or so. I recall very little from English Lit 101. Most of the stories and poems we read (or pretended to read) have become a hazy blur.

But after all these years, one poem still stands out. Due to its oddness and simplicity, I have never forgotten it. The poem is “Red Wheelbarrow” by William Carlos Williams, and it goes like this:

so much depends

upon

a red wheel

barrow

glazed with rain

water

beside the white

chickens.

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There's a piece today in the Financial Times about some modest signs that commodity demand may be picking up to help the Ukrainian economy get itself out of the gutter - though the rough times appear to be far from over.  What caught my eye on this article were two interesting facts - that the second gas war between Gazprom and Ukraine caused industrial production to fall by 16% month on month as Kiev diverted its remaining supply to heating people's houses (talk about the energy weapon!).  The other detail was the fact that the IMF was delaying in its delivery of the second tranche of its $16.4 billion loan because of the unending political squabbling between the camps of President Viktor Yushchenko and Prime Minister Yulia Tymoshenko.  Needless to say, they've really got to get their act together, but it ...

Despite Dmitry Medvedev’s anti-corruption drive, the number of registered corruption-related crimes in Russia's law enforcement agencies increased by more than 35% in the first nine months of 2008. The dramatic drop in steel exports initiated by Russian companies last month has spread across Ukraine, India, China and Japan. The IMF have approved a $16.4 billion loan package to help Ukraine deal with the financial crisis. Trading on the MICEX was temporarily halted again today. China and Russia could begin building a permanent border crossing as early as 2011. A $15.6 million lawsuit filed by environmental regulator Rosprirodnadzor against the Baikal pulp mill has been thrown out by an East Siberian court. Oleg Deripaska is attempting to have Norilsk Nickel’s share buyback reversed, after a court order to freeze the buyback was received too late.