Morning Brief – Oil

Humphrey Percy
Chairman and Founder
Wed 3 Apr 2024


As we have been pointing to, oil has been edging up and is now on a 7 month high. Not it should be stressed on a rosey economic picture but rather on increasing tensions in the Middle East-the latest being the Israeli strike on the Iranian embassy in Damascus.
Brent: USD 88.70

Sunny Spain

The Spanish economy is performing strongly and is ahead of its EU cohort with house price growth of 4.2%. The important Bono-Bund spread (Spain less German Government Bond yield) is now down to 86bps. So Growth, Domestic Spending and Strong Investment are all looking good on the Spanish economic dashboard. Even Moody’s are getting in on the fiesta with them now revising their outlook for Spain from stable to positive.
EUR/USD 1.0770

Italian Soft Landing

Improbable as it may seem, on one measure at least, Italy seems to be on course to achieve a soft landing for its economy with moderated growth and falling inflation.Unemployment is on a 16 year low at 7.2% in January this year.Italy is certainly not out of the woods on its debt position which is reflected on the BTP-Bund spread( !0 Year Italian Government Bonds less 10 Year German Bunds) which stands at 139 bps.
EUR/JPY 163.23

Ultra Rich

No surprises that Bernard Arnault of LVMH tops the poll of the world’s wealthiest with USD 233 billion nor indeed that fuelled by her fan base of Swifties that Taylor Swift has entered the table which comprise the planet’s 2781 billionaires-sounds less exclusive now-with USD 1.1 billion.
There are 141 more billionaires now than there were in 2023 but there remains a gulf between the top and base of the table.
GBP/USD 1.2560

Touch My Body

This was US singer Mariah Carey’s 18th chart topping hit which meant that she overtook Elvis Presley this day in 2008 at the age of 38 and placed her second only to The Beatles for the most number one singles in the Billboard Singles Chart. It’s steamy and some would say pretty testing stuff to meet her particular requirements, but Mariah Carey seems up for it.
MC, uh uh uh
In the place to be (oh yeah, oh yeah, oh yeah)
I know that you been waitin’ for it, I’m waitin’ too
In my imagination I be all up on you
I know you got that fever for me hundred and two
And boy I know I feel the same my temperature’s through the roof
If it’s a camera up in here
Then it’s gonna leave with me when I do, I do
If it’s a camera up in here
Then I best not catch this flick on YouTube, YouTube
‘Cause if you run your mouth and brag about this secret rendezvous
I will hunt you down
‘Cause they be all up in my business like a Wendy interview
But this is private, between you and I
Touch my body, put me on the floor
Wrestle me around, play with me some more
Touch my body, throw me on the bed
I just wanna make you feel like you never did
Touch my body, let me wrap my thighs
All around your waist, just a little taste
Touch my body, know you like my curves
C’mon and give me what I deserve and touch my body
Boy you can put me on you like a brand new white tee
I’ll hug your body tighter than my favorite jeans
I want you to caress me like a tropical breeze
And float away with you in a Caribbean sea…

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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