Today is a big day – The delightful Gina Miller wins her day in the high Court over a BREXIT vote in Parliament, which really spits in the face of democracy. This result means some very uncomfortable weeks of uncertainty. If I were Mrs May and you’ll all be pleased I am not, I would trigger Article 50 tomorrow or just say goodbye! That isn’t going to happen. However if she fails to persuade the House of Commons to deliver BREXIT, she must call a general election in an attempt to deliver democracy. The US Presidential election looks a mess, with neither side producing a well-known respected global leader with a track record – Mrs Clinton comes close, but as they say, she still has a few skeletons in the closet. Then there is the question of Europe crumbling politically in so many countries plus the adage of a rampant President Putin, who is running a political and diplomatic muck across the world. If that lot does not make a toxic cocktail, I wonder what does. Then we have the MPC & Inflation Report to contend with at mid-day, with Mark Carney in full cry! I shall be leaving that interlude, as I should to Simon French to comment on. Irresponsible or not, I am going to lunch with my old mucker Jim Moore of the Indy! – call me irresponsible! Nonetheless I am still going and I shall enjoy it!
As for markets, the reaction to Gina Miller’s victory was wholly predictable. Sterling rallied to $1.2429 against the Greenback. The FTSE 100 went mildly in to reverse (down 15 points at 11.52am) as Dollar related earners such as miners, oil and drugs shed a bit of value. Banks were stronger, particularly challenger banks, OneSaving, Aldermore etc – up about 1%, despite Credit Suisse disappointing just a tad – -0.5%. Media stocks were in demand with ITV up 1.4% and Sky up 0.4%. However it was the FTSE 250, which captured the imagination of investors – up 2% with Inmarsat grabbing the yellow jersey up 11% and Tate & Lyle in the unusual position of having added 6% in value from one session. I thought I could hear ‘REMAIN VOTERS’ screaming in the background! The DOW futures were up 50 points at 1.52am.