Daily Brief – France

France

There are 4000 people in France with assets of more than €100 million and they account for just 0.01% of French citizens. Never mind that, the Ecologist Party supported by the Greens and the far left in the National Assembly are determined to target those ultra rich. Unlikely to be approved but eye catching, its proponents claim that the 2% wealth tax also called the Zucman tax will raise between €10 and €25 billion which sounds very imprecise for such a small number of people targeted.

EUR/USD 1.0458.

Commodities

With Brent Oil at $74 and Gold at $2953 markets reflect the current concern that equities are set for a consolidation as a minimum or even a retracement. It is not just the fear of the unknown when it comes to tariffs, there is also the suspicion that inflation is not under control.

EUR/GBP 0.8279.

Les Rousses

In the Jura mountains in France just north of Divonne Les Bains overlooking Lake Geneva, history was made this weekend with 3000 people dipping bread into what is on course to be the largest cheese fondue in history. 2039 kg of cheese with the threat of it curdling before establishing the world record, it promises to be tense as the organisers wait for the record to be confirmed. Otherwise the existing 2009 record will stand. Definitely passes the time in the absence of snow and skiing.

GBP/USD 1.2632.

Top of the World

When it comes to a lack of snow for skiing the answer is to go high. Breckenridge and other Colorado resorts fit the bill as does Chamonix France and Zermatt Switzerland. All well over 3000 meters. But if you want to make really sure, Gulmarg in India at 3980 meters or super high Jade Dragon Snow Mountain in China should be on the list. Jade Dragon Snow Mountain at 4700 meters might well also require oxygen.

USD/JPY 149.27.

Wannabe

In those far off Blairite years of Cool Britannia the Spice Girls won the Brit awards in 1997 for Best Single and Best Video. There is a lot to this song in every respect including its length but I will spare you the full smorgasbord in favour of a flavour of the sumptuous feast that it is:

Ha ha ha ha ha
Yo, I’ll tell you what I want, what I really, really want
So tell me what you want, what you really, really want
I’ll tell you what I want, what I really, really want
So tell me what you want, what you really, really want
I wanna, (ha) I wanna, (ha) I wanna, (ha) I wanna, (ha)
I wanna really, really, really wanna zigazig ah

If you want my future, forget my past
If you wanna get with me, better make it fast
Now don’t go wasting my precious time
Get your act together we could be just fine

I’ll tell you what I want, what I really, really want
So tell me what you want, what you really, really want
I wanna, (ha) I wanna, (ha) I wanna, (ha) I wanna, (ha)
I wanna really, really, really wanna zigazig ah
If you wanna be my lover, you gotta get with my friends
(Gotta get with my friends)
Make it last forever, friendship never ends
If you wanna be my lover, you have got to give
Taking is too easy, but that’s the way it is

Discussion and Analysis by Humphrey Percy, Chairman and Founder

Click Here to Subscribe to the SGM-FX Newsletter