Humphrey Percy Chairman and FounderWed 27 Dec 2023
US Dollar and Markets
USD generally weak in thin markets and the EUR strong at EUR/USD 1.1040 and EUR/JPY 157.40. Gold at $2066. Brent Oil $81.10 as the markets watch the Red Sea and the Houthis with trepidation. One oil fact for 2023: Russia sold half of its entire oil production to China. Another reason why the Panama Canal choking off US energy supplies to China from the Gulf of Mexico has had a muted effect but a positive for Western Europe which is a beneficiary of that diverted energy.
Firm at USD1.2730 and EUR 1.1525 on the back of the well founded perception that the Bank of England will be slower than the Federal Reserve to cut rates in 2024.
Who would have thought that the Spanish capital has quietly been capturing a large slice of the European aviation market: in 2023 Madrid Barajas Airport saw 61.3 million passengers pass through. Now Spain is investing EUR 800 million to expand the airport with a target footfall of 81 million.
Some Day We’ll Be Together
This was the last song from the Supremes when Diana Ross sang with them; it was also the last Number One single in the USA from the 1960’s as it was released this day in 1969. Yeah.
I say it, say it, say it, say it again (Someday, we’ll be together) Oh, yeah, oh, yeah
You’re far away from me my love And just as sure my, my baby As there are stars above I wanna say, wanna say, wanna say
Yes we will, yes we will (Say, someday, we’ll be together) Some sweet day I know, I know, I know, I know
My love is yours, baby Oh, right from the start You, you, you possess my soul now, honey And I know, I know you own my heart And I wanna say
Some sweet day Oh, yes we will, yes we will (Someday, we’ll be together) Tell everybody Yes we will, yes we will
Long time ago, my, my sweet thing I made a big mistake, honey I, I, I say, I said, goodbye Oh, oh, baby, ever, ever, ever Ever, ever and ever since that day All I wanna do, all I wanna do was cry, cry, oh
Discussion and Analysis by Humphrey Percy, Chairman and Founder
British Pound There really was something for everyone in Bank of England Governor Bailey’s comments yesterday. Firstly he said that the BoE was comfortable with the market’s view of the decline in UK interest rates -meaning one presumes both on extent and timing. Then he followed it up by saying that the UK labour market […]
EU Commission Instead of November’s EU growth forecast of 1.2%, the EU Commission has revised back its prediction to 0.8% for the growth in the gross domestic product of the 20 countries. The 2025 year however will see growth of 1.5%. Back to 2024, it is difficult for the EU bloc to grow much when […]
Germany With the German IFO or Business Climate Index down from 90.10 a year ago to its current level of 85.20, Germany’s business leaders are more realistic about the outlook for Europe’s largest economy than their political leaders. Chancellor Scholz wisely passed the speech making duties yesterday to one of his cohorts who managed with […]