FINANCE

INSIGHTS, TRENDS AND CASE STUDIES

As summer times kicks into full mode in Europe, ECB President Draghi play list is slowly but surely moving away from the likes of Olivia Newton John “Hopelessly devoted to you” , being replaced by more upbeat tunes such as Kaiser Chiefs “Every day I love you less and less”.

In an otherwise relatively quiet night with only the mildest of risk-on tones, gold was something of a standout.

The late great Robin Williams sang this theme song to the 1999 South Park movie at the Academy Awards, penned by Matt Stone and Trey Parker, in which Sheila blames Canada for the kids’ bad language (and more besides) after watching the expletive-ridden Canadian movie Terrence and Phillip: (expletive deleted) of Fire.

Norway’s central bank removed its explicit easing bias at its meeting overnight, stating “the balance of risks suggest that the key policy rate will remain at today’s level in the period ahead”.

A lingering risk off tone remains evident in markets with equities on either side of the Atlantic ending the day with small losses.

Almost out of default, the USD is higher in a night of virtually no key data, but not getting any clear support from a mixed set of Fed speak, Charles Evans (voter) sounding dovish and Kaplan too.

Strong focus on the implications of the beginning of normalisation of rates by the Bank of Canada.

On my way home last night I thought the Spice Girls were a strong candidate for a song title today. Brexit negotiations started overnight and Wannabe (“Tell me what you want”) would have been a good option.

Some very refined harmonies from Seattle indie folk band Fleet Foxes to start the week.

A split Bank of England (BoE) decision to keep rates unchanged and another fall in oil prices were the two big events overnight in an otherwise quiet night.

The Fed this morning announced a hike in the Fed funds rate by ¼%, as entirely expected, lifting the Federal funds rate to 1.00-1.25%. But we walk in this morning with the big dollar having been pressured and the US Treasury curve lower. Another case of the usual “buy the rumour, sell the fact”?

Business versus households – how will the situation resolve itself?

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