TODAY’S FAYRE – Tuesday 11th October 2016

  “Side by side, their faces blurred,

The earl and countess lie in stone,

Their proper habits vaguely shown

As jointed armour, stiffened pleat,

And that faint hint of the absurd—

The little dogs under their feet.  


Such plainness of the pre-baroque

Hardly involves the eye, until

It meets his left-hand gauntlet, still

Clasped empty in the other; and

One sees, with a sharp tender shock,

His hand withdrawn, holding her hand.  


They would not think to lie so long.

Such faithfulness in effigy

Was just a detail friends would see:

A sculptor’s sweet commissioned grace

Thrown off in helping to prolong

The Latin names around the base.  


They would not guess how early in

Their supine stationary voyage

The air would change to soundless damage,

Turn the old tenantry away;

How soon succeeding eyes begin

To look, not read.


Rigidly they   Persisted, linked, through lengths and breadths Of time.

Snow fell, undated. Light Each summer thronged the glass.

A bright Litter of birdcalls strewed the same

Bone-riddled ground. And up the paths

The endless altered people came,  

Washing at their identity.


Now, helpless in the hollow of

An unarmorial age, a trough

Of smoke in slow suspended skeins

Above their scrap of history,

Only an attitude remains:  


Time has transfigured them into Untruth.

The stone fidelity

They hardly meant has come to be

Their final blazon, and to prove

Our almost-instinct almost true:

What will survive of us is love.”  


Philip Larkin – poet – 1922-1985


When one considers how poisonous, visceral and mendacious this Presidential campaign has been, it is hardly surprising that out of 314 million people domiciled in the US, the best candidates that the GOP and the Democrats could come up with were Donald Trump and Hillary Rodham-Clinton. The scrutiny every potential candidate comes under is outrageously and unacceptably intrusive that most self-respecting politicians avoid the challenge like the plague. What we heard and saw on Sunday night was abhorrent! For Trump to suggest on television that Mrs Clinton should be in jail is surely utterly intolerable. The sooner next Wednesday’s final debate is over the better. However we must constantly remind ourselves that these Presidential campaigns are not run for the benefit of us here in the UK, they are there for Americans. I suppose we have no right to criticise, though the world’s destiny is in the hands of three huge powers and I tell you what, the ‘Stars & Stripes’ influence is sadly diminishing by the day.


Great to hear that old communist sage Mikhail Gorbachev, at the ripe old age of 85, warn the world as to the intense danger the world finds itself in, thanks to the stand-off in relationship between Putin and Obama. The world has never been in such perilous state since the Bay of Pigs in 1961.


The news that Samsung had been forced to suspend production and global sales of both the faulty smartphones and their replacements after devices caught fire saw its shares nose dive by 8%. No doubt Apple will be salivating at the prospect of a bit of a sales run on the rails to use horse racing parlance!


Lord Mervyn King always loved a scrap and was never backward in coming forward in calling a spade a shovel. He never suffered fools very gladly and has thoroughly enjoyed rubbing hysterical ‘Remainers’ nose in the poop over BREXIT! He maintains his surprise that the Treasury and his former employers adopted such an exaggerated and negative stance towards BREXIT. Though he concedes there will be problems and issues along the way, in the long terms there is little to fear.


It looks as though the EU, ECB and the IMF will cobble together a €1.1 billion bail-out for Greece, since the Hellenic dynasty seems to have complied with the austerity measures implemented, though one wonders how much longer Greece can carry on bleeding to death.


I am not going to dwell on Goldman’s rumoured plans to bin 2000 jobs in London or relocate them. I think the rumour has been denied and if not those that go will return. London is where it is at. Any redundancies are likely to be as a result of M&A conditions easing back.


The 3rd quarter earnings season starts tonight in earnest with Alcoa’s results followed by JP Morgan Chase’s on Friday. Most equity luminaries are a expecting a very slight fall in overall profitability.


Deutsche Bank failed to agree terms or a compromise with the US DOJ over the proposed fine of $14.5 billion for market malpractices in the bond market. It looks as though Deutsche Bank was assisted by the ECB to enable it to pass its stress test – mmmm! – Shares down another 0.75% today


Though I am very sorry for those distressed by treatment meted out by its GRG department on small businesses causing great personal stress, the problem, I fear, respectfully, has been exaggerated. The number of foreclosures in 2008-10 by RBS was quite small.


Yesterday the DOW added about 0.5% on its 3 main indices. Crude oil rallied courtesy of Putin, possibly as a result of agreeing with Saudi Arabia to eventually peg the price of oil helping. The FTSE 100 added 53 points to 7094. Oil stocks again did well as did the mining sector. Bob Dudley’s comments that BP would endeavour to maintain its 6% dividend helped the Sunflower’s cause. SVG Group is still doing battle royal with HabourWest, which upped its bid to 680p, with Goldman hovering in the background. Baroness Ruby McGregor-Smith will relinquish her £2.5 million CEO job at Mitie and hand it over to former C&W and British Gas head honcho, Phil Bentley.

The FTSE 100 is up 19 points at 7115 as I write with the record of 7124 in sight. Ted Baker, with good numbers is up 3.5%, McCarthy & Stone up 4.5% and PageGroup +3%. Pure Gym has postponed or pulled its £190 million IPO today due to uncertain market conditions, despite investor support.

UK companies posting results this week – Tuesday – PageGroup (TS), Ted Baker (TS), Wednesday – Marston’s, Vertu Motors, AnimalCare, Domino Pizzas (TS), Countrywide Properties (TS), Thursday – Game Digital, WH Smith, SKY (TS), Unilever (TS), Bookers, Hargreaves Lansdown (TS),  Rank Group, Friday – Provident Financial, Ashmore, Man Group   US Companies posting interim results this week – Tuesday – Alcoa, Wednesday – CSX, Thursday – Delta Airlines. Friday – JP Morgan Chase, Del Frisco Restaurants.

  Economic data this week – Tuesday – BRC Sales, US PPI, Germany’s ZEW, Wednesday – FOMC Minutes, Thursday – MPC, Friday – UK Construction output, BOE credit survey


David Buik Market Commentator – Panmure Gordon & co +44 (0)20 7886 2775 Mobile – 0044 7788 144 877 Panmure Gordon & Co One New Change | London | EC4M 9AF


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