Some headline numbers: Public spending is 57% of GDP. 35 hour working week. 1.1 million civil servants of which 310,000 work less than those 35 hours. In Brittany civil servants are allowed 6 days off per annum to attend…car boot sales, in Deux Sevres, council workers get 10.5 weeks per annum holiday plus 2 extra days to compensate them for working in winter. President Macron is seeking to insist on the 35 hour work for everyone. By law employers have to compensate workers who work more than 35 hours by between 10 and 50% additional salary. SGM-FX South Africa specialist Richard thought these amounts of hours and holiday were right up his strasse until he found out that Deux Sevres was quite a way away from his braai pit in Putney. Dream on Rich!
Markets marooned with little overnight net movement: Oil slightly lower, Asian stock markets a little lower on the back of Japan selling off for the first time this year. Turkish interest rates rose to over 1000%(not a typo) to prevent banks selling the Lira. For seasoned Turkish traders, this is a regular phenomenon and they will already know that Turkey is convulsed pretty much every 5 years-this time in the lead up to the election and questions on President Erdogan. Meanwhile do not be short Lira unless you have s strong stomach and…deep pockets!
Beverley Knight, soul singer 46 last week who we remember for her 2002 hit
Shoulda Woulda Coulda
No doubt about it, the UK Parliament will have been humming that tune as they embarked on the “Indicative Voting” rounds last night. MPs should most definitely remember the map of the Leave Remain Referendum Result from 2016 if they decide to ignore the electorate.
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Daily Brief – EU Stagflation
Humphrey Percy
Mon 25 Nov 2024
EU Stagflation With inflation blipping up and business activity turning down, the S word is back on the table. Not only manufacturing but also the services sector fell sharply in November with the Purchasing Managers Index at its lowest level this year. The EUR facing a rampant Dollar is increasingly undermined by its own weakening […]
Daily Brief – UK Housing Market
Humphrey Percy
Mon 9 Dec 2024
UK Housing Market Best performance in the past two years etc etc with the Halifax average house price up 4.8% as at the end of November. Without being curmudgeonly or seasonally Scroogelike the real house price performance allowing for inflation in the last 2 years is minus 10.5% for all those mistakenly regarding their house […]
Daily Brief – UK Equities
Humphrey Percy
Fri 6 Dec 2024
UK Equities We wrote recently about a European wide Santa Rally in Equities despite the political headwinds in Continental Europe, but it looks as if the UK market has finally managed to break out on the top side of its range and without wishing to jinx it, may be set fair. One well known Fund […]
