US Inflation
A collective global sigh of relief to see US inflation rise just 0.2% in the month of July and on a year on year basis by 3.2% in the year to July. At the same time there were 187000 new jobs created in July which is the second smallest rise since December 2020. So while the job market and wages remain tight, the Federal Reserve’s interventionist stance looks to be working.
EUR/USD 1.1030.
Oil
A healthy prognosis for the global economy from OPEC yesterday which anticipates demand for oil increasing by 2.24 million barrels per day in 2024.
NYMEX WTI $83.95.
European Gas Prices
Futures prices for LNG contracts rise 40% yesterday on fears of supply disruption at Australian plants due to strike action for higher pay.
USD/AUD 1.5205.
Spin
That master of spin, London Mayor Sadiq Khan has managed Houdini-like to escape from any blame for the increasing lawlessness of London’s streets with mugging and knife crime both continuing to climb. A case in point is the theft of mobile phones on London’s streets with 90,864 stolen in 2022 or 250 each and every day or 1 every 6 minutes. Instead of developing a strategy to police the capital’s streets more effectively, SK has chucked it back to the mobile phone companies and has said it is their responsibility to make that crime “less rewarding.”
GBP/EUR 1.1605.
Hey Jude
Apart from being the first single that the Beatles released this day in 1968 on their own label, Apple, this number went straight to Number 1 in the Billboard 100 where it clung like a limpet for 9 straight weeks. Incidentally it also went to Number 1 in 16 other countries including the UK. Oh yes the other side of the single had another smash hit: Revolution.
Hey Jude, don’t make it bad.
Take a sad song and make it better.
Remember to let her into your heart,
Then you can start to make it better.
Hey Jude, don’t be afraid.
You were made to go out and get her.
The minute you let her under your skin,
Then you begin to make it better.
And anytime you feel the pain, hey Jude, refrain,
Don’t carry the world upon your shoulders.
For well you know that it’s a fool who plays it cool
By making his world a little colder.
Hey Jude, don’t let me down.
You have found her, now go and get her.
Remember to let her into your heart,
Then you can start to make it better.
So let it out and let it in, hey Jude, begin,
You’re waiting for someone to perform with.
And don’t you know that it’s just you, hey Jude, you’ll do,
The movement you need is on your shoulder.
Hey Jude, don’t make it bad.
Take a sad song and make it better.
Remember to let her under your skin,
Then you’ll begin to make it
Better better better better better better, oh.
Discussion and Analysis by Humphrey Percy, Chairman and Founder
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