Daily Brief – Downbeat Deutschland

Downbeat Deutschland

Regular readers may recall that we reported that despite the many challenges the EU and especially Germany faced that in July with the prospect of summer holidays the June economic sentiment in Germany as reported by ZEW was bubbly if not positively effervescent at its highest level for 3 years at 52.7. The expectation was of course for it to fall in August following the reality of Trump tariffs as well as the poor Q2 German economic performance, but it was certainly not expected to fall a full 18 points to 34.7.

EUR/USD 1.1606.

UK Payroll Data

UK Jobs fell in August data but by only 8,000 after the 26,000 decline in July which adds up to a 164,000 decline in the year to the end of July 2025, the not so new Governments first year in power. Pledges of growth and increases in productivity remain undelivered and the unemployment rate is at a 4 year high at 4.7%. It remains to be seen whether the 25bp rate cut delivered by the Bank of England will provide the necessary stimulus to the UK economy. Vacancies fell by 44,000 in the Quarter to end July but there are still 718,000 unfilled jobs for some of the 9 million currently economically inactive citizens in the UK to apply for.

GBP/USD 1.3452.

Woodstock 1969

This is the time of year when one’s mind naturally gravitates to the most famous pop festival ever in 1969 which spawned copycat events all  over the world. Interesting to note what the headline acts were paid. Allowing for inflation, top of the bill Jimi Hendrix was paid in today’s money USD 158,000. Crosby Stills Nash and Young only commanded USD 44,000. Santana and Melanie only scored USD 6,570 each. The Who with no shortage of street cred or maybe because they sang “We’re Not Gonna Take It” to a lower fee, managed a respectable USD 55,000.

EUR/JPY 172.30.

Frankly

Readers who are contemplating rushing out to buy a copy of Nicola Sturgeons reveal all autobiography, look away now. It can be summed up as a tale of being misunderstood, mistaken in pushing trans issues so hard, shy and introverted and still convinced that Scotland will gain its independence from the UK within 20 years. Next on the cards is a reprise of the Bonny Prince Charles, prince over the water theme with the princess over the water to await the call once Scottish independence is achieved: Nicola Sturgeon is contemplating a move to London.

GBP/EUR 1.1589.

Stand and Deliver

This day in 2002 the former pop pixie and 1980’s New Romantic Adam Ant remembered for his Stand and Deliver pop video to readers of a certain age after a fall from grace pleaded guilty to a cocktail of crimes after he threatened drinkers at The Prince of Wales in Kentish Town, North London. It all started when suitably fortified if not over refreshed but definitely far from romantic, he went into the pub sporting a cowboy outfit. Drinkers taunted him and started whistling the theme from spaghetti Western The Good, The Bad and The Ugly. Adam Ant or his real life name of Stuart Goddard did not take such joshing lightly and returned with a starter pistol that he brandished before throwing projectile du jour a car alternator through the pub window. Subsequently sentenced to a 12 month community order at the Old Bailey, Adam Ant was contrite and claimed it was a moment of madness. Well several moments. Hic.

Stand and deliver

I’m the dandy highwayman
You’re too scared to mention
I spend my cash
On looking flash
And grabbing your attention
The devil take your stereo
Your record collection
The way you look you’ll qualify
For next year’s old age pension

Stand and deliver
Your money or your life
Hwoah
Try to use a mirror
Not a bullet or a knife
Hwoah

I’m the dandy highwayman
So sick of easy fashion
The clumsy boots, peekaboo roots
That people think so dashing
So what’s the point of robbery
When nothing is worth taking?
It’s kind of tough to tell a scruff
The big mistake he’s making

Stand and deliver
Your money or your life
Hwoah
Try to use a mirror
Not a bullet or a knife
Hwoah

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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