John F Kennedy was paraphrasing a Chinese proverb when he said “There is a great deal of noise on the stairs but nobody comes into the room.” His point was that it is easy to talk about problems but rather more difficult to fix them. This applies to many parts of the financial markets following…
Persimmon shares are dragging their housebuilding brethren higher this morning (up 2-3%) after reporting a strong set of H1 results; revenues up 12% year-on-year, but pre-tax profits up more than twice as fast (+29%). Whilst in the fortuitous position of being able to announce healthy margin expansion management is making sure the Brexit doom-mongers are well…
Macro observations The blowout US Jobs report is likely still fresh in the memory of the Federal Open Market Committee (FOMC) as it looks to keep markets’ bullishness in check. Key data out this week could boost rate hike expectations further with US Retail Sales expected to rise by 0.4% in July, while a rebound in the Uni. of Michigan Confidence…
It’s the UK 100 ’s commodity contingent that is holding it back from more impressive gains this morning. A stronger USD is the result of from hawkish Fed chat weighing on metals prices (industrial and precious) and their Miners (down 2-4%) and a pullback by oil prices weighing on general sentiment for the key space. This is…
The major driver this week has been….. drum roll please….. Brexit! But not Brexit itself, more the propensity for UK macroeconomic indicators to fly in the face of the ‘doom and gloom’ warnings that have hitherto dominated the headlines post-referendum. On Tuesday, we saw a raft of UK inflation and retail sales prints smash expectations,…
Remember that minor referendum the UK had on EU membership at end-June? You’d almost be forgiven for forgetting it ever happened. The only thing that has really changed is the value of the pound while UK stocks have delivered a stellar 20% recovery to beyond pre-Brexit levels and a host of macro-economic data (inflation, jobs, retail…