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Themes from the Month

“Brexit” continues to dominate as evidence builds of a sharp slowdown in UK property and a far more cautious UK consumer.

Professor Stephen Hawking warned the UK government that the UK science sector is concerned over the loss of EU grants for research which have been vital for UK research and development jobs.

Sterling has stayed depressed against major currencies on speculation the Bank of England will cut Base Rate to 0.25% on 4th August and possibly introduce other measures to stimulate credit demand.

PM Theresa May said “Brexit means Brexit” suggesting no second referendum. The new Cabinet has abandoned the 2020 commitment to a balanced UK budget and signaled an end to austerity measures. The new PM wants the UK managed “in the interests of the many, not the privileged few”.

BP reported Q2 loss of $2.247bn after a further charge for the 2010 “Macondo” spill costing $5.23bn. BP net debt increased to $30.9bn from $24.8bn in Q2 2015.

Qatar Airways has increased its IAG stake to 20% taking advantage of the recent drop in the shares.

UK ten year gilts jumped to record levels, with the yield on 10 year gilts just 0.79%.

Premier Farnell the UK electronics distributor has agreed to be acquired for 185p per share. The offer from Avnet is 20p above the previous Datwyler offer.

Oil prices declined from over $50 to $41/bbl over July.

Anglo American reported underlying earnings of $698m and a plan to cut $1.6bn from costs in 2016.

Read the July Newsletter

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