TODAY’S FAYRE – Friday, 9th June 2017
“With proud thanksgiving, a mother for her children,
England mourns for her dead across the sea.
Flesh of her flesh they were, spirit of spirit,
Fallen in the cause of the free.
Solemn the drums thrill: Death august and royal
Sings sorrow up into immortal spheres.
There is music in the midst of desolation
And a glory that shines upon our tears.
They went with songs to the battle, they were young,
Straight of limb, true of eye, steady and aglow.
They were staunch to the end against odds uncounted,
They fell with their faces to the foe.
They shall grow not old, as we that are left grow old;
Age shall not weary them, nor the years condemn.
At the going down of the sun and in the morning
We will remember them.
They mingle not with laughing comrades again;
They sit no more at familiar tables of home;
They have no lot in our labour of the day-time;
They sleep beyond England’s foam.
But where our desires are and our hopes profound,
Felt as a well-spring that is hidden from sight,
To the innermost heart of their own land they are known
As the stars are known to the Night;
As the stars that shall be bright when we are dust,
Moving in marches upon the heavenly plain,
As the stars that are starry in the time of our darkness,
To the end, to the end, they remain.
Laurence Binyon – poet – 1869 –1943
By Wednesday afternoon I had the ‘raving ache’ with BBC, Sky and ITV. There had been wall-to-wall coverage on Jeremy Corbyn’s bandwagon across the country. I am never the most politically objective person in the world, but I was muttering bias under my breath. On reflection I don’t think it was. I think the Corbyn campaign was under a wet sail with the Labour leader exuding confidence and joie de vivre from every pore, flocked by thousands of adoring young supporters. The fact that he was filling young heads with gobbledygook was dangerous and disingenuous. However there are millions of young disenchanted people who just want a change at any price and they don’t care if they have to live in penury to find out the errors of their ways. The young’s campaign on social media was viscerally nasty, but gracious me it was incredibly influential and effective.
Conversely Mrs May’s campaign was dire, without inspiration and warmth. She was too Presidential and she slipped on banana skins with monotonous regularity on subjects that were always going to be contentious. It was a disastrous Presidential campaign instead of involving all Tory heavyweights. Without wishing to be too discourteous, my Bic Biro would be up there jousting with Mrs May for charisma prizes. How the Osborne/Balls/Peston show relished Mrs May’s downfall! The contempt was obvious to see and in the Evening Standard’s Editor’s case ‘revenge is best served up cold!
Now looking forward – she is going nowhere – I hear that is official! Maybe she can hang in there, courtesy of an agreement with the DUP, who wanted BREXIT, despite Northern Ireland wanting to remain in. We have handed the EU a two-goal lead with this desperate election result. The UK’s standing in the EU has dropped like a stone and we have virtually lost our place at the world’s top table. This does not augur well for BREXIT negotiations. The terms of engagement will change irrevocably.
I really do understand that people aged between 18-30 feel unloved and neglected. They feel that good jobs are in short supply, they don’t want to pay tuition fees and they further feel that their chance of buying a home in the foreseeable future is negligible. However for the ‘life of Reilly’ I do not understand how this young, educated and bitter coterie has been duped by a financially innumerate front bench to dive in to a vortex of penury. They all need to go back to school and learn about basic economics and the role it plays in politics.
Yesterday afternoon Wall Street was mesmerised by James Comey’s testament and the damage it might do the Trump administration. US markets finished yesterday’s session just above the Plimsoll line. Asia rode the whips and scorns of time with the NIKKEI up 0.5%. This morning the Pound fell a short 2% to $1.2720, which resulted in the FTSE 100 adding 65 points to 7515 thanks to 60% of the constituent stocks having Dollar denominated earnings, at 10.36am. The FTSE 250 eased by 0.5%, triggered by an uncertain future which damages investment confidence. I hasten to add that if the UK government encounters difficulties in negotiating BREXIT or if the culture of delivering it changes, Sterling’s further demise cannot be ruled out. The DAX and CAC were 0.5% to the good. The EU will be looking at us as ‘chumps’ of the year – embarrassing!
UK companies posting numbers this week – Friday – Fuller Smith & Turner
Economic data this week – Friday – RICS House Prices, UK industrial Production, UK construction, UK Consumer Inflation
Market Commentator – Panmure Gordon & Co
Mobile – 0044 7788 144 877
Panmure Gordon & Co
One New Change | London | EC4M 9AF