Mario Draghi talked tough yesterday reiterating that the ECB will not be shy of taking action in support of the EU economy in a period of weakening growth and uncertainty, citing populism and inevitably Brexit. The Euro strengthened, bond yields rose and after a day of up and down trading the net move is pretty much zero. Today is all about US employment data which has the capacity to unsettle already nervous markets awaiting further news on the Mexican tariffs by the US.
The news announced yesterday morning by Ford bosses of the shuttering of the Bridgend business that manufactures engines will be devastating to the 1500 who will be losing their jobs. The plant is more than 40 years old and is a mainstay of the community. This is part of a Ford initiative to shed 7000 jobs globally of which 550 will be in the UK. The car business is unforgiving and new technology, fuel economy, driverless and battery are all conspiring against it. What will fill the gap away from the auto manufacturing industry? UK plc needs to encourage entrepreneurs and restore incentives to businesses especially in the brave new world outside the EU.
99 Problems may be his best song but finance and women (and self belief) are unlikely to be included in his 99- see below. Lyrics include:
“I don’t know what you take me as Or understand the intelligence that Jay-Z has”
Jay-Z is the first hip hop artist to reach a net worth of $1 billion according to Forbes Magazine- ahead of Diddy with $825M and Dr Dre with $800M.
If you’re having girl problems I feel bad for you son I got ninety nine problems but a bitch ain’t one.
SGM-FX’s Euan is mulling this positivity in his ongoing efforts to woo the barista bombshell who works next door in Manon.
Discussion and Analysis by Humphrey Percy, Chairman and Founder
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A different Euro-vision A late start to monetary tightening versus the rest of the world could deliver the some-what illusive stronger Euro to markets. A delay to hike rates in Europe has left the ECB playing catch up, with interest rates lagging noticeably behind their peers. Since its inception over 20 years ago, the Eurozone […]
European Central Bank Yesterday the ECB duly raised its interest rates by 25bps. President Lagarde maintained that the ECB was on a journey and had not yet arrived-some would, given that ECB inflation is not dropping and is stuck at 6.9%, interpret that analogy as being their firm intention to continue to raise rates given […]
US Government Default on June 1 without a hike in the Debt Ceiling Markets (so far) are remarkably sanguine about this appalling scenario for the US and therefore the global economy. President Biden and the Republican House Speaker have not discussed this issue since February-and the Speaker is currently in Jerusalem so unable to meet […]