Mrkts/ oil...a week in Politics....10 Jul 2018 06:09
Seems TM survived the 1922 meeting convincing enough that it's her way or the highway. Though badly wounded her execution has been stayed for now. Bojo holed up in No 1 Carlton Place throughout the day is unlikey to have enough backers to topple the PM who is the least unacceptable of a poor bunch. His late resignation smacked of dithering which did not go unnoticed by the bulk of MPs. J.Hunt moves from Health to the FO.
The ftse fixated on Brexit and Davis / Bojo resignations climbed 70, the 250 +203 with the £$ at 1.325. In N.Y. the Dow shot up 320 now in positive territory for the year and above its 50DMA, stocks posting gains across the sectors. The US economy continues to perform well despite trade concerns many think an all out global trade war will not occur. Should it do so analysts say the US would not be terminally damaged as China exports far more to the US than vice versa exemplified by US stocks faring much better than Chinese ones.
Asia led by Tokyo (+226) is higher in morning trade, HK and Shanghai little moved. Oil $78.44 could surge to $120 on a complete shut off of Iranian Oil, so said a BOA analyst. A good start to the wk for G and Kurd o...lies. Bottom fishers & shorts closing propelled G up 19 after being + 26. Ftse called flat to 6 up awaiting any moves from Bojo (highly unlikely) will revert back to World Trade worries, int rate rises, inflation, debt concerns & Trumptweets. Morning all.