On 29-03-1912…..Captain Scott, Antarctic explorer made the last entry in his diary:…”The end cannot be far..For God’s sake look after our people.” Both frustrated Bremainers and Brexiters know how that feels!
Currencies and Markets
Those impacted by the Pink Pound should give Brunei a miss: the Sultan has now made gay sex not only illegal but punishable by death and dismemberment. Stick to Brighton-it may be chilly but it’s closer and safer!
GBP has staged a modest recovery over the weekend with markets concluding that a much watered down Brexit is now the most likely outcome. Quite why that would be UK positive is a mystery: surrendering present advantages to be locked in disadvantages a positive? Markets as ever will, once realisation sinks in, reverse that positivity. This morning Asian equities have all rallied on stronger Chinese economic numbers. WTI Oil remains over $60 and Gold is at $1293. Government Bond Yields have firmed marginally but remain close to their recent lows. AUD strengthened against the USD as did the EUR.
With last week’s events, the odds on the next PM are now showing some interesting pricing: Whatever your voting proclivity and reflecting what a strange world Westminster represents for the rest of us, Boris Johnson and Michael Gove and Jeremy Corbyn are all joint favourites at 4-1. Followed by a clutch of Sajid Javid, Jeremy Hunt, Dominic Raab and David Liddington at 7-1.
At the other end of the spectrum Piers Morgan and Tony Blair are both 500-1. Mid fielders Andrea Ledsom, Amber Rudd and Jacob Rees-Mogg (the Hon member for the Nineteenth Century) are all at 20-1. Like the Grand National it is a very large field with plenty of likely fallers especially when one remembers that 60% of the UK public would like to see a new face as everyone is fed up with the present Tory front bench.
Discussion and Analysis by Humphrey Percy, Chairman and Founder
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