It sounds dry stuff at first glance but on closer study smacks of chicanery or at the very least political opportunism. But with the US Department of Justice filing an anti trust case against Alphabet’s Google two weeks before the US Election in which one of the candidates has been outspoken on holding Big Tech to account, the timing is at the very least noteworthy. If you are wondering why and what, the answers are as follows: Google commands a position in which 90% of all on line searches and 95% of all mobile phone searches are made on the Google platform. As for the what, nothing is being ruled out on this one including the enforced break up of Google. Now THAT would be something. Google shares are at $1535 against a 52 week high of $1733 and a low of $1013. And the market cap? USD 1.039 Trillion-so, so far the market is sanguine on this DOJ challenge.
Markets are gradually beginning to enter the stage of acceptance that a US economic stimulus is on hold until after the election. That weighed on the USD and it duly slipped for the second day in a row with the EUR back over USD 1.18 today. GBP appreciated negligibly versus USD as the position on Brexit negotiation is unchanged with neither party willing to engage. Meanwhile on the other side of the world the AUD dropped 0.53% on expectations of forthcoming monetary easing by the Reserve Bank of Australia.
The assumption is that pop musical tastes in the USA and the UK are broadly similar, but this is not necessarily the case. Going back to this day in 1967, Lulu who as one of Scotland’s top international stars won Eurovision with Boom Bang a Bang, starred in the newly released film To Sir With Love in which she also sang the title song. That song went straight to Number 1 in the US Billboard chart where it stayed for 5 weeks and sold 1 million records. And in the UK, Lulu’s home market? The song did not even chart!
Maybe these lyrics explain it:
Those schoolgirl days of telling tales and biting nails are gone
But in my mind I know they will still live on and on
But how do you thank someone who has taken you from crayons to perfume?
It isn’t easy, but I’ll try
If you wanted the sky I would write across the sky in letters
That would soar a thousand feet high ‘To Sir, With Love’
The time has come for closing books and long last looks must end
And as I leave I know that I am leaving my best friend
A friend who taught me…
Boom Bang a Bang definitely a step up… and it sold more than 5 million records worldwide!
Come closer, come closer and listen
The beat of my heart keeps on missing
I notice it most when we’re kissing
Come closer and love me tonight
Come closer and cuddle me tight
My heart goes
Boom bang-a-bang, boom bang-a-bang
When you are near
Boom bang-a-bang, boom bang-a-bang
Loud in my ear
Pounding away, pounding away
Won’t you be mine?
Boom bang-a-bang-bang all the time
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
UK Wages Bank of England Governor Andrew Bailey yesterday warned of the pressure on wages that are threatening to lead to a wage price spiral as the effects of inflation on the cost of living together with the 12 consecutive interest rate rises that consumers have experienced. The market has not enjoyed the poor inflation […]
US Consumer Credit Back in 2000 US consumer credit stood at USD 1.6 Trillion. Clearly near zero interest rates for the past 10+ years plus easy credit conditions have lulled US consumers into a sense of borrow now repay tomorrow. Except that the repay tomorrow part seems to be getting lost with US consumer credit […]
De Dollarization Much being written about the demise of the USD, and for the sake of getting it out there in case you missed it, Iraq has just banned the use of USD to buy houses and cars which are normally the largest ticket items for the consumer. Mainly Iraqis have until now used USD […]