“There’s an old saying. Don’t piss down my back and tell me it’s raining” (The Outlaw Josey Wales – 1976) The headlines, such as the one above from the Guardian may have juiced up the point a little, but underlying the attempted prevarication in his recent speech on Globalisation and inflation, this is pretty […]
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Confused? Well you should be be if you’ve been believing the usual output from the Federal Reserve. Contrary to the narrative of robust US economic growth and tightening labour markets requiring a normalisation of interest rates, things aren’t quite as rosy as Ms Yellen had been suggesting. Behind the increasingly absurd non-farm payroll data with […]
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Oh Theresa, why oh why? Was it personal ambition and vanity that led you to risk an overall party majority for what YouGov is now projecting will be another hung Parliament, including the possibility of a Labour led administration? And this would not be the Labour of Blair or Brown, but a return to the […]
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ITV (itv_l) – Q FY17 IMS: Mid-year 2017 inflection point or just wishful thinking ahead of Brexit negotiations? . Wolters Kluwer (wkl_as) – Q1 FY17 IMS: No fireworks, but a >5% OpFCF yield = a NIRP bolt-hole Compass Group (cpg_l) – H1 FY17 results: Solid value & improving momentum . Muted start to […]
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Management by chaos . Did anyone seriously believe that Trump would be able to get his ambitious stimulus plan through Congress if the economy was chugging along nicely as Yellen was continuing to portray? It was almost as implausible as expecting the EU to offer a painless Brexit for the UK while they remain convinced we […]
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French Presidential elections are stacked against the extremes, as was the intention. Round one provides the electorate with the illusion of choice as they favour their particular candidate. By round two however, the vote is more likely cast with a view to exclude their least favoured candidate. As long as one centrist candidate can get […]
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Over three months on from the Brexit vote and the World still turns and UK economic activity has been largely unaffected, with August retail sales up +6.2% YoY and September data showing UK consumer confidence index returning to pre-referendum levels (GfK) and UK manufacturing PMI (Markit) hitting 55.4, the highest level since May 2014. Lower […]
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Leaving to one side the possibility that recessionary fears are being used as another ruse to monetise intractable deficits, the current round of recession fears have the “Buy defensives” brigade out in force. One such stock that has been attracting such attention is our old friend Procter & Gamble. Back in 2008, this was also […]
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