Daily Brief – Alphabet

Alphabet

Funding and funding AI development has never been easier. Alphabet parent of Google sought USD 20 billion this week by way of a bond issue to fund its AI push and the maturity was set at 100 years. Despite the size and the length of the maturity, the bond issue attracted a staggering USD 100 billion dollars of bids. Such is the power of Alphabet and the lure of the AI gold rush.

EUR/USD 1.1861.

UK Chancellor

On a day when Rachel Reeves was described as the worst UK Chancellor in the past century, she carried on impervious to both that slur and the irony in simultaneously her describing Brexit as being the single greatest opportunity to forge closer ties with the EU. Did she really mean that the UK had to leave the EU to do that? Without missing a beat RR also managed to dismiss the latest anaemic UK growth number of 0.1% by saying that there was clearly more work to do. 

GBP/USD 1.3619.

European Olive Oil

For the first time in 5 years European olive oil prices fell in 2025 – by an average of 23% – which was sufficient to get producers warning of an impending crisis in the olive oil industry. Those are the same producers who marched up prices by almost 80% since 2021 on the back of droughts, climate change, and the consequent supply challenges. Spain saw a fall of 39% in 2025 while Greece and Portugal were not far behind. Italy however only saw a fall of 14.5% as crops normalised and consumers moved olive oil from a staple to a luxury item on their shopping lists.

EUR/GBP 0.8712.

Just Nuts

Nuts as most people know are good for health and particularly for combatting heart disease. When it comes to which ones to choose, there are the Big Five: pecans, pistachios, walnuts, almonds and Brazils . Caution though when bingeing on Brazils: 1 or maybe 2 per day as more can be toxic.

EUR/JPY 181.43.

Sultans of Swing

This day in 1978 Dire Straits that Brit group beloved of air guitar afficionados and yoof of the 80’s released its first album having invested GBP12,500 in the project. As a Return on Capital it paid off as the album enjoyed a 132 week run in the UK charts. The small outlay was not a reflection of Mark Knopfler’s lack of belief in the album but almost certainly more to do with his canniness arising from his Glaswegian roots.

You get a shiver in the dark
It’s raining in the park but meantime
South of the river, you stop and you hold everything
A band is blowing Dixie, double-four time
You feel alright when you hear the music ring

Well, now you step inside, but you don’t see too many faces
Coming in out of the rain, they hear the jazz go down
Competition in other places
Uh, but the horns they blowin’ that sound
Way on down south
Way on down south, London town

You check out guitar George, he knows all the chords
Mind, it’s strictly rhythm, he doesn’t want to make it cry or sing
They said an old guitar is all he can afford
When he gets up under the lights to play his thing

And Harry doesn’t mind if he doesn’t make the scene
He’s got a daytime job, he’s doing alright
He can play the honky-tonk like anything
Savin’ it up for Friday night
With the Sultans
We’re the Sultans of Swing

Have a Great Weekend!

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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