Humphrey Percy Chairman and FounderWed 12 Jul 2023
A jump in the Japanese Yen amid signs from Japan that consumers are starting to spend more which in turn is encouraging manufacturers to raise their prices for the first time in decades. This may just be the catalyst for the Bank of Japan to begin dismantling its gravity defying easy money conditions policy. Maybe. But the market is beginning to think so. USD/JPY 139.40.
That normally excellent paper the Wall Street Journal yesterday published a story saying that the 30 year old London business district was feeling the pain as corporate clients flee, people work from home and firms relocate to “buzzier areas.” There may be something to the relocation story since firms always come and go, but the WSJ writer should have been in CW yesterday evening as I was: walkways as full as pre pandemic, shops bursting with bag carrying customers and bars and restaurants packed. WFH advocates are fewer and further between these days and yes some buildings are being converted from business to residential use, but that is a further example of the London business districts constantly reinventing themselves. GBP/USD 1.2960.
Global Beer Consumption by nation
One of those tables that both confirms and surprises. At the top stands the Czech Republic with an annual per capita beer consumption of 136 KG. Beer consumption for the uninitiated is quoted in KG, but 1KG of beer is equivalent to 1.01 litres so it is easy to equate. Next is Ireland with 124, followed by Austria at 102, Germany at 94 and Poland at 93. So where is the UK with its lowly international reputation for hooligan alcohol fuelled behaviour? The answer is at number 35 with 56 KG. Maybe lightweight on the beer but that means that unhealthy strong spirits including shots make up the remainder of the UK’s bingeing. GBP/EUR 1.1750.
This day in 2007 Rod Stewart was awarded the OBE by the then Prince Charles for his services to music. It would be another 9 years until he was made a Knight Batchelor in 2016: Sir Rod.
I am sailing I am sailing Home again ‘Cross the sea I am sailing Stormy waters To be near you To be free
I am flying I am flying Like a bird ‘Cross the sky I am flying Passing high clouds To be near you To be free
Can you hear me? Can you hear me? Through the dark night, far away I am dying, forever crying To be with you, who can say
Can you hear me? Can you hear me? Through the dark night, far away I am dying, forever crying To be with you, who can say?
We are sailing, we are sailing Home again ‘Cross the sea We are sailing Stormy waters To be near you To be free
Discussion and Analysis by Humphrey Percy, Chairman and Founder
The only haven The avoidance of a hard landing according to many projections of most economically significant geographies has undoubtedly moderated perceived financial risk. Back when recessions were forecasted and priced in as the base case to follow the interest rate hiking cycle, there was greater financial risk within the system. Despite a more sanguine […]
US Interest Rates Nothing much new over the weekend other than while sifting thought the tea leaves from last week, we found that not one but two members of the FOMC, the rate setting and policy making committee of the Federal Reserve, advocated US interest rates staying higher for longer to crush inflation. Within their […]
British Pound With GBP back to where it started the year pretty much, there are some stories starting to appear along the lines that while that may be the case, GBP is still up 18% from a year ago following the Truss/Kwarteng mini Budget fall out. That comparison while of course true is not a […]