Morning Brief – Monday 20th

Big Week

 

Not just with the European elections on Thursday but in Australia where the Liberal Coalition won a surprise victory at the weekend boosting AUD but in the context of a near 3 year low, in Germany where Angela Merkel is being pressured to stand down at the end of this week by her successor Annegret Kramer-Karrenbauer, in Austria where the right wing Vice Chancellor Heinz-Christian-Strache was forced to resign following a honey trap and here in the UK….well two contests: the Euro elections which are dividing voters largely between Remainers polarising towards the Lib Dems and Leavers to the Brexit Party. Then the new leader of the Conservatives and thus the PM which has seen Boris Johnson open an early and maybe commanding lead. Currency markets and GBP remain singularly unimpressed as a NoDeal Brexit has re-emerged as a strong possibility. FTSE sanguine at 7348.

 

 

Saudi Arabia and Oil Supplies

 

In the past few days reports have been coming in regarding a focused effort to disrupt oil supplies. Four oil tankers have been sabotaged which while serious pales into insignificance beside a further report that a key Saudi oil pipeline has been targeted by missile bearing drones from Yemen. The destruction of that pipeline would have an immediate and substantial effect on the price of oil. Suspicion is directed towards Iran for this. If these attacks develop further expect a spike in oil and the price we all pay for fuel very quickly,

 

 

….Not as it turned out

 

Fresh from watching his team giant killers Charlton Athletic beat Doncaster Rovers in League One on Friday night, SGM-FX’s Euan was in front of his widescreen with his pals to throw some shapes and generally twinkle around in support of the UK’s Eurovision entry on Saturday night. Not nul but a miserable 16 points as it turned out and also few points for Madonna. Ah well….material girl………… a million bucks but no melody.

 

 

 

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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