Daily Brief – EU

EU

One of the unspoken questions arising from Mario Draghi’s no punches report on the EU is: what is the EU for and where does it want to go? The further integration topic is not addressed let alone solved, since the mood music is against greater integration unless it is driven by the fear factor of for example the threat from Russia. Hopes and dreams defined as the forward looking vision originally espoused by EU founding father Jean Monnet are not high on the agenda.

EUR/GBP 0.8362.

UK Conservative Party Conference

So another Conservative party conference concluded this weekend with some cynics likening it to the Titanic’s ill fated voyage to the bottom of the Atlantic; as the band played on the water unseen and was pouring below the waterline. Given that Nigel Farage’s Reform party cost the Conservatives 80 seats plus, it was hardly surprising that bookies’ favourite for new leader Robert Jenrick was unashamedly courting Reform voters with his comments on the European Court of Justice. All will become clear on the identity of the new Conservative leader on November 2nd.

GBP/USD 1.3122.

Luxembourg

In the Principality of Luxembourg children learning at least 2 foreign languages in secondary school are streets ahead of any other EU country. While the EU average is 6.5% for learning at least two foreign languages, in Luxembourg it is an astonishing 79.5%. That says a lot about the education system there as well as the geography of the Principality. Runners up Latvia, Greece and Estonia are all at 30%+.

EUR/USD 1.0975.

Chelsea Tractors

For all those UK readers who hanker for the rugged performance of an SUV with the attributes of hitherto unseen features, get along to a BYD demo later this month and prepare to be amazed. Manufactured under the Yangwang brand and named uncatchily u8, the full size SUV comes both as a hybrid and a full EV and also floats and is capable of rotating 360 degrees on its own axis. Cost will be GBP 120,000. Handy for Chelsea as well as floating elsewhere.

EUR/JPY 163.26.

Hand in My Pocket

This day in 1995 Canadian rockerette Alanis Morrisette enjoyed overnight success with the release of her album Jagged Little Pill which had a number of songs that individually became hits for her including this one:

I’m broke but I’m happy, I’m poor but I’m kind
I’m short but I’m healthy, yeah
I’m high but I’m grounded, I’m sane but I’m overwhelmed
I’m lost but I’m hopeful, baby
What it all comes down to
Is that everything’s gonna be fine, fine, fine
‘Cause I’ve got one hand in my pocket
And the other one is giving a high five

I feel drunk but I’m sober, I’m young and I’m underpaid
I’m tired but I’m working, yeah
I care but I’m restless, I’m here but I’m really gone
I’m wrong and I’m sorry baby

What it all comes down to
Is that everything is going to be quite alright
‘Cause I’ve got one hand in my pocket
And the other one is flicking a cigarette

What it all comes down to
Is that I haven’t got it all figured out just yet.

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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