Morning Brief – France

Humphrey Percy
Chairman and Founder
Wed 10 Apr 2024


Quite simply the numbers do not add up for President Macron and his future in government, never mind La Belle France and its citizens : France is the third most indebted EU country after Greece and Italy with a debt to GDP ratio of 110.6%. In the past year the deficit has increased by €18 billion more than anticipated. Yet most French people surveyed believe public services are deteriorating. All that plus France is the most heavily taxed EU nation with a tax to GDP ratio of 48.4%. 
EUR/USD 1.0850


With commodity price rises as they have been doing these past few months, it is difficult to see how they will not impact inflation- cue Central Bank caution on premature interest rate cuts as we wrote about yesterday. With the bellwether commodities of oil up 15%, gold up 10% and copper up 5%, there are three compelling arguments against multiple cuts any time soon.
GBP/USD 1.2668

Antwerp- Bruges

This huge Dutch port has a problem and it’s due to China : with European electric vehicle or EV imports of Chinese cars up over 50% in the past year over the previous one, distribution networks have gummed up and cars are being unloaded at Antwerp-Bruges and stored there while dealers arrange delivery. The snag is that demand from end users has not matched supply, hence the problem. Our European readers should stand by for some cut price deals on Chinese EVs.
EUR/JPY 164.63


If you are planning a holiday to this Canary Island as 5 million Brits do every year- never mind those Germans with their towels on the sun loungers- then watch out for a day of action from locals on April 20. In a rather odd report the claim that the British are responsible for a social and environmental disaster on the island has been released . Due to the island’s popularity the price of property has soared resulting in locals selling up. Having mined that rich seam, there is now a housing shortage and some Spanish people are forced to sleep in their cars or live in caves. Stand by for revelations that car sleepers are ravers resting after enjoying the island’s night life and that the cave dwellers are ex pat hippies of a certain vintage.
GBP/EUR 1.1670

Take Me Home, Country Roads

In those dim distant innocent days this song entered the Top 100 this day in 1971 for singer songwriter John Denver and then soared to Number 2 as it became the singer’s first of no less than 15 Top 40 Hits. 

Almost heaven, West Virginia
Blue Ridge Mountains, Shenandoah River
Life is old there, older than the trees
Younger than the mountains, growin’ like a breeze

Country roads, take me home
To the place I belong
West Virginia, mountain mama
Take me home, country roads

All my memories gather ’round her
Miner’s lady, stranger to blue water
Dark and dusty, painted on the sky
Misty taste of moonshine, teardrop in my eye

Country roads, take me home
To the place I belong
West Virginia, mountain mama
Take me home, country roads

I hear her voice in the mornin’ hour, she calls me
The radio reminds me of my home far away
Drivin’ down the road, I get a feelin’
That I should’ve been home yesterday, yesterday Country roads, take me home
To the place I belong
West Virginia, mountain mama
Take me home, country roads…

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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