Share prices have risen, this didn't surprise me as traders do the opposite of what you expect, the market was technically oversold. Greece also not surprisingly have agreed to take on more debt and kick their default can down the road. I feel sorry for the German and France tax payers, what a suckers deal they're getting. So the Greek government take on the debt nicely timed for the end of USA QE2 money printing fiasco, news manipulation at it's best. However one must be aware that the loss of free easy money will have an impact at some point. My belief is 2012 is looking bad, oil up, no free money, share prices down.
Another current risk is China PMI has dropped further in June, this indicates contraction in factory output, something which hasn't occurred for 11 months. Also note that copper inventories are rising, demand is falling and the bulk shipping Baltic Dry Index is very low. This all points to a slow down to me, but the key question is will their be a upturn for christmas, of course there will. But the question is how much in comparison to last year, will people cut back more due to the oil price and their own personal debts / defaults. Also has the china market absorbed so much stock building in the metal markets that now the the copper price is at $4+ /LB they will start to use stock supplies to deliver price stability.
Other risks now arising is bank such RBS are about to start offloading toxic commercial mortgages onto private sector investors. Cue Whitesnake - Here We Go Again.
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