Sluggish July sales due to bad weather and caution caused by poor inflation figures meant that while an increase of 1.5% versus July one year ago was recorded, in real terms after allowing for inflation, that represented a fall. While this may have been an excuse to sell GBP, in fact looking at net open positions in the market, it is clear that asset managers and investors have been paring pack their long positions. While GBP is still showing an increase of 4% so far this year, it is down from the high point of the 8% gain that it was showing two long months ago. Where now? In a nutshell, more volatility for GBP is expected as we get closer to the end of the year, the actuality of the promised reduction in core inflation to 5% and the realization that we are just over 1 year away from a General Election with many if not most of the likely new Government’s policies being entirely opaque. And that last point in addition to being the definition of clutching at straws, might just be the strongest card that the incumbent Government has going for it.
Europe’s Largest Companies
The assumption that LVMH or Louis Vuitton Moët Hennessy which boasts the second richest man in the world as its President might be the largest company in Europe would be a good one at EUR 442 billion. However snapping at its elegant coat tails is Danish titan Novo Nordisk, the drug company that is best known for its anti diabetes treatment.
Recently NN has rocketed in value to EUR 423 billion due to its new drug Wegovy which is riding high on the very considerable obesity fighting wave.
The Welsh Game Fair takes place at the Faenol Estate, Wales on September 9 and 10. If you fancy tasting grey squirrel in the shape of a burger, this could be your chance since farmer Gareth Wyn-Jones will be serving this delicacy at his pop up restaurant. The reason behind this menu item is that the grey squirrel has been in part responsible for the demise of the red squirrel in the UK and THAT has deeply upset Farmer Jones.
This time it is the UK that is making headlines in the battery market with Cornish Lithium having secured funding from both the UK government and also a US company to build on the 4,000 year old mining heritage in Cornwall to mine lithium rather than the traditional tin. The company plans to expand its current workforce of 70 to more than 300 when it gets production going in the mine near St Austell, Cornwall.
This day in 1975 this number went straight into the Billboard 100. Inspiration for the song came to oldest brother of the Bee Gees, Barry Gibb as he drove over a Florida bridge and his wife remarked on the noise of the wheels that their “drive was talkin’”…..
It’s just your jive talkin’ You’re telling me lies, yeah Jive talkin’ You wear a disguise Jive talkin’ So misunderstood, yeah Jive talkin’ You really no good
Oh, my child You’ll never know Just what you mean to me Oh, my child You got so much You’re gonna take away my energy
With all your jive talkin’ You’re telling me lies, yeah Good lovin’ Still gets in my eyes Nobody believes what you say It’s just your jive talkin’ That gets in the way
Oh my love You’re so good Treating me so cruel There you go With your fancy lies Leavin’ me lookin’ Like a dumbstruck fool With all your
Jive talkin’ You’re telling me lies, yeah
Discussion and Analysis by Humphrey Percy, Chairman and Founder
British Pound With GBP back to where it started the year pretty much, there are some stories starting to appear along the lines that while that may be the case, GBP is still up 18% from a year ago following the Truss/Kwarteng mini Budget fall out. That comparison while of course true is not a […]
GBP While the Bank of England’s decision to pause on raising rates by the narrowest of margins with voting 5-4, that resulted in GBP being sold sharply which reflects the market’s view that while inflation at 6.7% looked better than expected yesterday, the effect of higher oil prices and petrol and diesel at the pumps […]
Bank of England It is the big week in UK markets not because there is much doubt in the minds of economists that rates will go up once again on Thursday, but rather more because the “clever” money is predicting that this increase will be the last. What could go wrong? Assuming rates go up […]