Morning Brief – Monday 15th

Markets

 

At the start of Easter week markets are looking to the start of Golden Week in Japan this time with a further holiday period with the new Emperor’s accession. The longest continuous closure of the Japan market since WW2 is causing a few frayed nerves. In the UK currency, credit and equity markets are calm as Parliament this week at least is officially off for Easter although the behind the scenes deal making continues unabated. The USD is a bit weaker following Trump’s call for lower interest rates. Asian markets have opened higher on the back of a positive outcome to trade negotiations.

 

 

European Elections 2019

 

As we prepare for an election that we absolutely definitely were not going to participate in at a cost of GBP100 million plus, it’s worth looking back at the chronology and the results of the last European Election on 22 May 2014. It was not until 20 February 2016 that the then PM David Cameron announced the Referendum which took place on 23-06-16 i.e. two years after that last election. Of the 73 British MEP seats in May 2014, the results were as follows: UKIP 24, Labour 20, Conservative 19, Green 3, SNP 2,and 1 each for Lib Dem, Plaid Cymru, Sinn Fein, DUP and UUP. Voting is on the basis of proportional representation but it is worth remembering that at that time UKIP won the most votes at 4.4 million, so that was twice in 2 years that the UK by implication given UKIP’s manifesto, voted to leave Europe. May 2019 will be a hugely significant vote given its irrelevance (assuming the UK does indeed exit the EU) and will encourage the extremes of each of the Leavers and Remainers. Nigel Farage’s Brexit party having been a likely non event will have the chance to now assume a much greater influence.

 

 

It’s complicated: Worth remembering what Europe really does mean…..

 

 

 

 

Lastly…Just in from the South Coast

 

The UK’s only drag wrestler, one Ollie Burness who fights as Priscilla Queen of the Ring in a fetching silver number, made his hometown debut in Portsmouth on Saturday night. SGM-FX Head of Compliance Alex was considering regulatory implications for such entertainment, but sternly directed that team mates Charles and Graham should stick to their golf…..and not even think about wearing their pants outside their tights.

 

 

 

 

 

 

 

 

 

 

 

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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