Daily Brief – World’s wealthiest non USA person

World’s wealthiest non USA person

That title belongs of course to the suave 76 year old Frenchman Bernard Arnault whose LVMH shares have suffered of late on the back of France’s economic and political woes combined with POTUS’ tariffs that had walloped the outlook for French luxury goods in the US market. On Wednesday of last week, LVMH announced better than expected results and the shares posted a 12% rally. Not a bad day’s work for BA who could report to his wife that his day at the office had earned him EUR 16.3 billion and his wealth to EUR 157 billion. That makes him the 7th wealthiest person in the world.

EUR/USD 1.1655.

No Kings

Probably too early to decide whether the protests due to take place across the USA are something or nothing. If like me, you are wondering how Americans can march against a monarchy almost 250 years since the USA ceased being ruled by one, the No Kings movement seeks to mobilise people against social injustices and authoritarianism according to its website. So far so good, but it goes on to articulate its slogan no crowns, no throne, no kings. The movement while woolly on history is against POTUS’ policies on immigration, health, education, and the environment. If the movement does gather momentum and assuming the government shutdown continues then what appears at first sight to be nothing much could quickly indeed become something very much more serious.

GBP/USD 1.3427.

US Film Industry

Some months have elapsed since POTUS announced that he was bringing the US film industry back to the USA, neatly ignoring how modern films are made in multiple global locations to satisfy the demands of audiences that are sophisticated, well travelled, and want global entertainment rather than single location filmed features, such as the original Westerns. The numbers: the US film industry spent USD 16 billion in the US last year making films but spent a much larger USD 24 billion overseas. The UK scooped USD 8 billion of that and Canada USD 6 billion. The US film industry is not changing its spending but continues to keep a wary eye on the latest pronouncements from the White House on the roll out of tariffs on films.

EUR/GBP 0.8683.

Portugal

Back in the news again, and this time not for its overheated property market but something potentially politically even more incendiary: Portugal is about to ban the wearing of burqas and niqabs in public places when worn for gender or religious purposes.

EUR/JPY 175.47.

Big Girls Don’t Cry

Still sounding just as good as it did this day in 1962 when Frankie Valli and the Four Seasons released this cracker. It stormed to the Number 1 spot on the Billboard 100 and stayed there for 5 weeks which 63 years ago seemed as it does today, a very long time. But remember we only had 2 TV channels in the UK in those far off days so TV and music entertainment was in short supply and fleeting. 

Big girls don’t cry
Big girls don’t cry

Big girls don’t cry (they don’t cry)
Big girls don’t cry (who said they don’t cry?)
My girl said, “Goodbye” (my-oh-my)
My girl didn’t cry (I wonder why)

(Silly boy) told my girl, “We have to break up”
(Silly boy) thought that she would call my bluff
(Silly boy) but she said to my surprise
“Big girls don’t cry”

Big girls don’t cry (they don’t cry)
Big girls don’t cry (who said they don’t cry?)

Maybe I was cruel (I was cruel)
Baby, I’m a fool (I’m such a fool)

(Silly girl) “Shame on you,” your Mama said
(Silly girl) shame on you, you cried in bed
(Silly girl) shame on you, you told a lie
Big girls do cry

Big girls don’t cry (they don’t cry)

Discussion and Analysis by Humphrey Percy, Chairman and Founder

Click Here to Subscribe to the SGM-FX Newsletter