The Monetary Policy Committee voted in favour of leaving rates on hold at 0.75% yesterday. Nothing surprising in that, but what was unexpected were the two votes in favour of cutting rates by 0.25% to reflect the lack of growth expectations globally. Combined with the impact of the ongoing Brexit uncertainty which is feeding through to the economic statistics, it is worth starting to factor in a greater likelihood of lower U.K. rates in 2020 when it comes to budgeting-whether personal or corporate.
Association for Financial Markets in Europe(AFME)
Yesterday the AFME issued a statement saying that market trading should be reduced to between 0900 and 1600 to encourage a more diverse body of traders and in particular more women-current LSE hours are 0800 to 1630. We are unsure whether this is an elaborate joke since the Association’s Head of Equities is called April Day. The timing just as the UK is about to leave the EU and is fighting to retain its position as the European time zone trading centre is curious. As with all such considerations, market hours will continue to be determined by marketplace requirements. The London Stock Exchange has quite rightly said that they will study the proposal in the meantime. Needless to say SGM-FX’s Richard always with a weather eye on more hours in his own or indeed, it must be said, others’ beds has enquired as to whether SGM-FX is a member. No way, Richard and anyway as a 20 something Anglo Saxon heterosexual male, you hardly improve the diversity quotient!
Exactly 45 years ago, this stage show took London’s theatreland by storm-and yes I was there-when Tim Curry strutted his stuff as Dr Frank N Furter a bisexual transvestite scientist. The following year with a budget of $1.4Million-don’t laugh-the film of the show was released. The investors are definitely laughing all the way to the bank as to date the film has grossed $140 Million. Here’s a taste of one of the catchiest numbers,
Science Fiction:
Michael Rennie was ill The Day the Earth Stood Still
But he told us where we stand And Flash Gordon was there
In silver underwear Claude Rains was The Invisible Man
Then something went wrong For Fay Wray and King Kong
They got caught in a celluloid jam Then at a deadly pace
It Came From Outer Space And this is how the message ran…
Science fiction (ooh ooh ooh) double feature Doctor X (ooh ooh ooh) will build a creature
See androids fighting (ooh ooh ooh) Brad and Janet Anne Francis stars in (ooh ooh ooh) Forbidden Planet
Wo oh oh oh oh oh
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Opportunity for a weaker Dollar The passing of month-end allows markets an opportunity to reassess currency valuations. Despite a cooling off within the Dollar as forecasted following the agreement between the White House and Kevin McCarthy, month end flows yesterday showed favourable conditions for a short-term Dollar resurgence. The beginning of June coincided with headlines […]
Did EURUSD miss the news? Over the weekend, the President and the Speaker of the House of Representatives reached a much-awaited deal on the US debt ceiling. The impending constraint on debt could have forced the shutdown of government departments and precluded the US government from servicing costs and existing debts, triggering a default. The […]
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 […]