Category Archives for "Politics"

US August jobs – porridge tepid and cooling

Markets weren’t expecting much from the August non-farm employment data and they didn’t disappoint. While average wage growth remained solidly above +3%, the underlying rate of private sector job growth slipped back to an anaemic +64k, with +15k of this coming from temporary help. Although comfortably ahead of the level of contraction that would signal […]

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FCA-Renault merger crash tested by dummies

With the auto industry facing some existential challenges, one might have thought a low margin operator and its shareholders would have seized at the opportunity for a highly synergistic merger. Unfortunately, when one of those shareholders is the French Government, then the normal commercial rules don’t seem to apply. So after some foot-dragging by Macron […]

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ECB hopium

“substantial monetary policy stimulus remains essential to ensure the continued build-up of domestic price pressures over the medium term.” So says Sig Draghi in yesterday’s release of the ECB’s 2018 annual report and so much for any doubt that the ending of the asset purchase programme (AAP) in December would actually herald a return to […]

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1848?

BTFD or STFR depends on what game you think is really being played out there in markets. The recent bounce in equity prices on the apparent reversal in the Fed’s QT narrative together with an improving narrative on Chinese tariffs and now hopes for a reversal in Brexit, notwithstanding the resounding defeat of Theresa May’s […]

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