TODAY’S FAYRE – Tuesday, 5th December 2017


“To sweeten a swift minute so
With such rare fragrance of sweet speech,
And make the afterhours go
In a blank yearning each on each ;
To drain the springs till they be dry,
And then in anguish thirst for drink ;
So but to glimpse her robe thirst I,
And my soul hungers and I sink.

There is no word that we have said
Whereby the lips and heart arc fire;
No look the linked glances read
That held the springs of deep desire.
And yet the sounds her glad lips gave
Are on my soul vibrating still ;
Her eyes that swept me as a wave
Shine my soul’s worship to fulfil.

Her hair, her eyes, her throat and chin-
Sweet hair, sweet eyes, sweet throat, so sweet,
So fair because the ways of sin
Have never known her perfect feet-
By what far ways and marvellous
May I such lovely heaven reach ?
What dread, dark seas and perilous
Lie ‘twist love’s silence and love’s speech?”


Isaac Rosenberg – poet & author – 1890-1918



Whether you are 3 years of age or 80, you owe it to yourself to go or take little ones to see ‘Paddington2.’ This film has all the qualities and emotions, which provide a panacea of age groups with all they could possibly want – excitement, fear, sorrow, happiness and love – tears flow from all ages! The cast is much the same as the first film with Hugh Bonneville and Sally Hawkins as Mr & Mrs Brown. Julie Walters puts in a stunning cameo performance with Imelda Staunton’s voice used for Aunt Lucy. Ben Whishaw is quite splendid as Paddington’s voice over. However Hugh Grant as the villain (Felix) steals the whole show! He is an actor of many parts. What a great treat this seasonal film is!


Yesterday’s BREXIT meeting felt like a re-run of a ‘Fred Karno Special!’ an absolute shambles. All the aspirations went up in smoke when clearly all the parties were clearly not in agreement. I’m not a real fan of Ireland’s Taoiseach, but he has a point in saying that it is not Ireland’s job to make sure the DUP or the Conservatives are on side! To prevent an Irish Sea border, Theresa May could end up pledging regulatory convergence with the EU, which negates all that Messrs Gove, Johnson, Fox, Grayling, Patel and others yearned for! – Their whole raison-d’etre out of the window! Some of my contacts tell me there are also issues over the wording in regards to the ECJ having jurisdiction over EU citizens residing in the UK. I am also amazed that the divorce settlement has been put to bed without as much as a challenge or even a whimper! PM May seems to be obsessed and horrified at any prospect of a ‘NO DEAL.’ She seems to concede on everything! It is not preferable, but if the UK was to walk away, it’s not the end of the world. If the EU feels as strong as steel then good for them, but we should not be pushed in to a blind alley and metaphorically beaten up!


The US Tax Reform Bubble did not burst on the Street of Dreams but it certainly leaked with all three main indices surrendering ground. It was the financial sector buoyed by the prospect of increased lending that caused the DOW to flourish. Investors again started to feel that tech stocks are over-valued and some risk was taken off the table. Key-companies like Apple lost 2% in value yesterday. Wall Street finished as follows – DOW +0.24%, S&P -0.11%, NASDAQ -1.09%. Asian seemed to enjoy a rather nebulous session resulting in rudderless trading heading towards the close they looked as follows – ASX -0.21%, Shanghai +0.06%, Hang Seng -0.30%, Nikkei -0.32%


After a somewhat non-descript session yesterday in London, when investors were preoccupied with developments in Brussels – the main London index was up just under 0.55, with banks showing a little bit of form, this morning we saw similar activity – Main index up 0.23% 16 points at 7335. Banks again were in the vanguard up a rough 1%, with miners still struggling on strong Sterling. IG posted good profits and their shares rallied 5%. The UK biotech Collagen did not pass muster with its efforts – 5%. McBride was 2% to the good.


Yesterday Ryanair saw its travellers increase by 6% for the last quarter, despite 400,000 passengers suffering cancellation. Many will receive their share of £62 million. However Ryanair’s management lost no time in criticising its staff for underperformance in selling ancillary goods. This budget airline raked in £1.6 billion from these services, which represents 10.6% of the airline’s total revenue! UK Construction in November was rather better than expected, but there is no doubt that retail sales were disappointing, despite Black Friday. The main problem is inflation at 3% against wage inflation coming in at 2.3%. Retail sales fell, as we know by 0.3% in October, but rose by 1.5% last month, much of it was down to food. Non-food online sales were up 6.4% in November, but contributed just a rather parsimonious 1.8% to overall growth in non-food sales. The outlook for 2018 looks fairly unappetising. However Tesco rallied by 3% this morning. We understand that GEMS Education, which has schools in 6 regions may be seeking a public quotation in 2018 valuing the company t $5 billion. This is welcome news in the wake of the cancellation of Arqiva and BGL Group cancelling their IPOS in November. I have to admire the pugnacious Kelvin Mackenzie, who appears to be a glutton for punishment as he attempts to set up two new radio stations – CitiSport and CitiTalk – under the financial auspices of Stephen Lansdown. TalkSport was a huge success listened to at one time by 11 million people.



UK Companies posting numbers this week – Tuesday – IG Group, Collagen, McBride,  Wednesday – RWS, Mulberry, Carillion, Stagecoach Numis Securities, Thursday – DS Smith, Capita, HSS Hire, Friday – Berkeley Group


US companies posting interim results this week – Tuesday – Toll Bros, Autozone, Wednesday – Brown-Forman, H&R Block, Fred’s, Korn/Ferry, Thursday – Vail Resorts, Dollar General, Ciena, Friday – Johnson Outdoors


Economic data due this coming week – Tuesday – UK car registrations, UK PMI Services, US ISM Non-Manufacturing, Wednesday – US Mortgage applications, Thursday – US Consumer Credit, Friday – UK industrial production & Construction output, UK trade balance, NIESR GDP, US Non-farm payrolls and employment data.


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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