Tuesday 17th January: Investors in the UK began the morning cautious but subdued as they awaited PM’s speech later that morning (11:45). The FTSE 100 slipped in early trade by c. 0.4%, buoying around the 7,300 point. The pound did however steady to recover slightly from recent lows. Early winners on the day were Rolls-Royce and Standard Chartered, with shares of both firms climbing over 6% at the open. The British aerospace company has finally settled a long standing corruption probe with US and other authorities, paying more than $800m to settle it. Standard Chartered shares rose after a reported rating raise.
In more companies’ news, British American Tobacco (BAT) has agreed to pay $49bn to take full control of Reynolds American BAT. This will purchase the remaining 57.8% it doesn’t own. Shares of BAT finished the day 0.2% lower. Greggs see results pip expectations after strong performance over the Christmas period.
In the immediate aftermath of May’s talk, the pound was up over 2% against the dollar and around 0.8% against the euro. The FTSE slid further to around 0.65% lower. Theresa May ws seemingly on commission for everytime she uttered ‘we are leaving the EU but not Europe’. She confirmed that we would be leaving the single market and partial membership effectively renders the plans on renewed trade deals, immigration controls and so on pointless. All in all over the weekend what was thought to be her leaked agenda was seemingly just that and we didn’t hear anything new. Of course there will now be the fallout as the confirmation will now begin to have a material impact on individuals, businesses and nations. The next hurdle in the road will be the Supreme Court ruling on the enactment of article 50 (which will decide who has the right to trigger the Brexit).
At the close, the FTSE was stopped at 1.46% lower, and as we write the pound is almost 3% up against the dollar, near to breaching the $1.24 mark. Against the euro the pund was up by a respective 1.88%.
Yesterday it was revealed that the 8 richest men in the world have as much money as the poorest half of the world. Yes 8 people have just as much as 3.6bn. The report by Oxfam highlights a possibly bigger gap in the inequality of wealth than we once thought, and it also discovered that the world’s 10 biggest corporations have more money than the combined total of the 180 poorest companies. Happy January, and just for your own interest, here are your 8 favourite men in the world right now;
When Jeff Bezos lol’d at Sharon on ‘Who Wants to be a Millionaire’. She was desperate to leave with enough money to afford her upcoming wedding, left with $500. Bezos has no chill.
This was Carlos Slim Helu in a position most can relate to. It’s 4am, you’re in the Pizza Shop, you search every pocket, pull a fiver out of nowhere and ask how far it’ll get you.
When Bill Gates risks the Metro without a ticket and spots the inspector out the corner of his eye but plays it cool, because he’s gonna give them Tim Cook’s address anyway. Not so smug now are you Apple?
Amancio Ortega after getting surge on his Uber to the bar to then go and get full price on the buzzer for happy hour. Worst. Night. Ever.
Mark Zuckerberg’s face when he follows Amancio at the bar and gets Free for his two pints of cordial and J20. *follows up with Facebook check-in*
Server: ‘Is everything ok with your meal? Would you like any extra sides?’
Warren Buffet mid way through his cheeky Nandos *realises it’s pay day*; ”You know what I could squeeze in some halloumi, and while your there bring the dessert menu”
When Larry Ellison is online shopping and he gets to the checkout to realise he’s qualified for free delivery. (lol Topman I’m returning half of it).
Rumour has it Michael Bloomberg goes down to Coral every Saturday, waiting for poor punters who’ve just lost their ‘acca’ because their League Two banker conceded a late own goal. He pulls this face everytime.