Daily Brief – Fujairah 

Fujairah 

For those readers who are less familiar with the Emirate states that make up the UAE, Fujairah, and Ras Al Khaimah are the less glamorous relations of Dubai and Abu Dhabi with low-cost housing, largely immigrant labour accommodation and heavy industry rather than swanky lifestyle and up market shopping malls. With the new oil pipeline reportedly 50% complete and due to come on stream in 2027, Fujairah is about to become very important as the UAE port in the Gulf of Oman that will see UAE oil bypass the Strait of Hormuz. While it will double the UAE oil export flow, it is by no means a replacement for the Strait of Hormuz but for the UAE it is a big deal.

EUR/JPY 184.73.

Retail US Equity Trading

In the past months, the retail trading lexicon has expanded from FOMO or Fear Of Missing Out which is for example buying and riding the rises in Gold and Oil. Now we have the questionable FAFO or F*** Around And Find Out which is taking a deep breath and riding the precipitous dips and rises that characterise the equity market in Trump ll. Lastly, we have the dangerous TACO or Trump Always Chickens Out which stands for being ready to buy the dips. All these have been avidly followed and at some point inevitably will cost those increasingly confident retail traders dearly. 

EUR/USD 1.1616.

UK Factory Orders

Reported yesterday was the fact that UK factory orders contracted in April at the fastest level since April 2020 i.e. in the very teeth of the Covid pandemic. Expected selling prices were at their highest for 3 years which reflects buyers doing the classic of getting in early and stocking up rather than being a sign of healthy demand. Chancellor Reeves we are relieved to hear on Wednesday does have an answer: she is proud of being British having accused a heckler of not being British in his criticism of Sir Keir Starmer. If you haven’t seen it, do catch the UTube clip. Truly gruesome.

GBP/USD 1.3435.

 Calf of Man

Just to the south of the Isle of Man this small uninhabited island in the Irish Sea was home to a huge Puffin bird colony until the 1980’s when a shipwreck brought rats that decimated the poor old Puffins. The MWT or Manx Wildlife Trust has a plan to re-establish the colony and the answer lies in plastic puffins. Puffins are sociable creatures and not overly conversationally demanding (obviously) and are expected to flock back to the Calf of Man attracted by their plastic cousins.

EUR/GBP 0.8647.

Burn

This day in 2004 Usher had a chart topper with this which sat there for 12 weeks. The previous Number One was Yeah and you guessed it, it was Usher again and it had been there for 8 weeks. Suffice to say pop pickers in 2004 just loved Usher.

Girl, I understand why
See, it’s burnin’ me to hold on to this
I know this is something I gotta do
But that don’t mean I want to
What I’m tryna say is that, I… love you, I just
I feel like this… is comin’ to an end
And it’s better for me to… let it go now
Than hold on and hurt you
But I gotta let it burn

It’s gon’ burn for me to say this, but it’s coming from my heart
It’s been a long time coming, but we done been fell apart
Really wanna work this out, but I don’t think you’re gonna change
I do, but you don’t, think it’s best we go our separate ways
Tell me why I should stay in this relationship
When I’m hurtin’, baby, I ain’t happy, baby
Plus there’s so many other things I gotta deal with
I think that you should let it burn

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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