Mario Draghi talked tough yesterday reiterating that the ECB will not be shy of taking action in support of the EU economy in a period of weakening growth and uncertainty, citing populism and inevitably Brexit. The Euro strengthened, bond yields rose and after a day of up and down trading the net move is pretty much zero. Today is all about US employment data which has the capacity to unsettle already nervous markets awaiting further news on the Mexican tariffs by the US.
The news announced yesterday morning by Ford bosses of the shuttering of the Bridgend business that manufactures engines will be devastating to the 1500 who will be losing their jobs. The plant is more than 40 years old and is a mainstay of the community. This is part of a Ford initiative to shed 7000 jobs globally of which 550 will be in the UK. The car business is unforgiving and new technology, fuel economy, driverless and battery are all conspiring against it. What will fill the gap away from the auto manufacturing industry? UK plc needs to encourage entrepreneurs and restore incentives to businesses especially in the brave new world outside the EU.
99 Problems may be his best song but finance and women (and self belief) are unlikely to be included in his 99- see below. Lyrics include:
“I don’t know what you take me as Or understand the intelligence that Jay-Z has”
Jay-Z is the first hip hop artist to reach a net worth of $1 billion according to Forbes Magazine- ahead of Diddy with $825M and Dr Dre with $800M.
If you’re having girl problems I feel bad for you son I got ninety nine problems but a bitch ain’t one.
SGM-FX’s Euan is mulling this positivity in his ongoing efforts to woo the barista bombshell who works next door in Manon.
Discussion and Analysis by Humphrey Percy, Chairman and Founder