Monday, 6th November: As trade commenced in London this morning the FTSE slid from its record close on Friday, markets filled with geo-political murmurs. Asian shares started the week off on a downbeat tone after China’s central bank seemed to address numerous risks the country must overcome. Saudi is having a go at cracking down on corruption and literally every man and his gold painted Ferrari has been arrested. Bloomberg’s headline read ‘’Crackdown shakes Saudi Arabia’’, we would just like to point out a blatant great pun missed on the spelling of shake, but I suppose the world still needs serious credible journalism, especially after Fake News became the word of 2017. Moving on, despite the lack of any meaningful news flow, which sets the tone for what will be a quiet week, the main index managed to edge back some early losses and finish 0.03% higher in un-emphatic fashion to set another record high. The pound’s recovery was one main reason for subdued trade in the capital today, and financials struggled once again as the oil price surged (+4% as we write) to move towards $64 p/bbl.
One other main story throughout the day was derived from the latest data leak, which to be honest tells us nothing new. The rich attempt to evade taxes, not exactly the worst thing in the world. But of course the media smells blood and Bono using a firm in Malta to buy a Lithuanian shopping centre is the highlight of the papers, and would win a round on Mock the Week of headlines you didn’t expect to hear.
It was as mentioned, a quiet day for reporting, but in companies news Ladbrokes Coral was hit with a £2.3m fine for breaching rules surrounding vulnerable customers. Bet they didn’t see that coming. Probably best to leave it there.