With US 10 Year treasury yields now at 1.96% and equity markets selling off sharply worldwide, not surprisingly USD stronger and EUR weaker: GBP/USD 1.3420 EUR/USD 1.1210. These moves left GBP/EUR unchanged at 1.1970 which reflects that EUR weakness. NYMEX WTI oil up at $94.60 and Gold up at $1,915. Wheat, Corn and Soya Beans unsurprisingly up sharply.
Postscript; Bitcoin fans who are always saying BTC is a modern thinking person’s substitute for gold a bit quiet with BTC down 8.5%.
ESKOM had applied to increase its electricity tariffs by 20.50% but the SA energy regulator has cut that back to a still substantial 9.61%. Whether ESKOM had gone in high expecting as usual to be knocked back or whether this was the real increase required to prop up the struggling energy provider is unclear. ZAR weaker with USD/ZAR 15.33.
With all eyes on Russia and Ukraine, the news that the UK has expanded its visa offer to the adult children of eligible former residents of Hong Kong to apply independent of their parents went largely unremarked. Of the 3 million eligible prior to this move, only 88,000 applications had been received as at November. It remains to be seen whether this moves the dial on applicants for UK visas. USD/HKD 7.81.
Always reassuring to see that the luxury super yacht market steams on despite the week’s political and economical events: popping up in my inbox is a Monaco based yacht available to charter, which at 93 metres provides a commanding presence and offers great views through its large windows. The cost for a week? EUR 1,470,000. Super.
This was the album that Phil Collins won best album for in 1986 at the Grammys. A number of hits on the album, but this was the stand out one in 1986 although as it happened his then wife called time and nixed it: One More Night:
One more night, one more night
I’ve been trying, oh so long to let you know
Let you know how I feel
And if I stumble, if I fall, just help me back
So I can make you see
Please give me one more night
Give me one more night
One more night
‘Cause I can’t wait forever
Give me just one more night
Ooh, just one more night
Oh, one more night
‘Cause I can’t wait forever
I’ve been sitting here so long, wasting time
Just staring at the phone
And I was wondering should I call you
Then I thought, maybe you’re not alone
Please give me one more night
Give me just one more night
Oh, one more night
‘Cause I can’t wait forever
Have a Great Weekend!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Eurozone That was a surprise: yesterday the EU announced that inflation had fallen to 2.4% which was considerably better than the 2.7% that markets had expected. Despite the ECB saying it was far too early to cut rates, the market has pencilled in the first cut for April. Before getting carried away it should be […]
Data Day Despite salient data already having been published in China and France so far this morning, we are far from finished with the deluge of data due to reach the market today. The most important of which will be those that we have signposted in earlier briefings: Eurozone and US inflation figures. Given just […]
UK Labour market The Bank of England yesterday broke cover to drive the message home that due to the UK’s labour market remaining tight, it was premature to start talking interest rate cuts and it was not just Governor Bailey who was calling for higher for longer interest rates but also his MEPC colleague Jonathan […]