Market news was dominated yesterday by the announcement of a deal between Europe and the UK. Still doubt on whether the UK Parliament will ratify it, but for those European couch potatoes among you with nothing better to do tomorrow, Saturday, you can watch the UK Parliament on live TV from 1030 CET. Those sages at Deutsche Bank have expended time and effort in concluding that Boris Johnson has no more than a 45% chance of getting the deal through Parliament. This must go down as the latest example of a meaningless estimate in the long running Brexit saga since many of the MPs due to vote are still uncertain as to how they will cast their votes. GBP experienced another day with a range of more than 2 cents versus the USD which does reflect that uncertainty. At SGM-FX Head Quarters we are hoping that our MPs see sense and conclude that approving a deal is better than not approving a deal. Alarm clocks are being set for a very early start on Monday so that whatever happens, our clients will be able to navigate their way through next week’s twists and turns in the market.
For Alitalia the European air share war is finally over: long term Italian loss maker Alitalia looks well on the way to being absorbed into Germany’s Lufthansa after failed talks with Delta. Lufthansa’s European airline roll up strategy has already claimed the scalps of Swiss, Sabena/Brussels Airlines, German Wings and Austrian Airlines and has one of the largest fleets in the world now comprising 700 aircraft.
Wassat? I hear you say! This is the labour system in Qatar which ties migrant workers to their employer and requires them to have their company’s permission to leave the country. With the Football World Cup less than 3 years away Qatar’s rulers have pledged to consider amending this law. Qafala in Arabic means sponsorship but this must rank as the strictest definition of sponsorship at least to a Western reader! While Qafala would never of course be appropriate in the UK, it does have a certain appeal when it comes down to tracking down some of SGM-FX staff on occasion-no names of course, “Budapest” Euan….!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Click Here to Subscribe to the SGM-FX Newsletter
Related Insights
Daily Brief – Fujairah
Humphrey Percy
Fri 22 May 2026
Fujairah For those readers who are less familiar with the Emirate states that make up the UAE, Fujairah, and Ras Al Khaimah are the less glamorous relations of Dubai and Abu Dhabi with low-cost housing, largely immigrant labour accommodation and heavy industry rather than swanky lifestyle and up market shopping malls. With the new oil […]
Daily Brief – Mariannes
Humphrey Percy
Wed 27 May 2026
Mariannes In addition to gold coins such as South African Krugerrands, Canadian Maple Leafs, and American Gold Eagles, from June 16 you will once again be able to buy French Mariannes. The last time France minted gold coins was mostly in the Napoleonic era and appropriately they were called Napoleons and were issued between 1803 […]
Daily Brief – EU capital markets
Humphrey Percy
Mon 1 Jun 2026
EU capital markets As we have written before, for the EUR to become a global reserve currency requires a number of pre-conditions which largely stem from the establishment of an integrated EU Capital Market. Brussels is accused of dragging its feet if not actually being obstructive so the 6 largest countries have banded together to […]
