PM speech on Tuesday - Pound down 5% on Monday?

economic

AnotherJoe wrote: »

I'm not shorting, but I have reduced my UK assets over the past year or so from maybe 30% to around 5% at a guess, by going into global, mostly ex UK funds.
(Hard to be sure the exact %, and in some cases it's not clear what's a UK asset. Are Vodafone and BP for example?)

do you include your property (ies) in that 5%?

westernpromise

I hope the £ tanks. I have $360k in shares and they've gone from being worth £250k in May to £300k now.

That Brexit vote gave me £50k.

AnotherJoe

economic wrote: »

do you include your property (ies) in that 5%?

Nope, thats my home, not an investment. Only the one. It could double or halve in price, would make no odds to me.

Thrugelmir wrote: »

Focus on today. Then tomorrow will look after itself. As that's not a problem at the moment. Plenty of challenges already exist that require addressing. That will have far reaching economic and financial impacts.

I'm focussing on the next 2-3 years as an investment opportunity. Would be foolish not to take advantage.

AnotherJoe

westernpromise wrote: »

I hope the £ tanks. I have $360k in shares and they've gone from being worth £250k in May to £300k now.

That Brexit vote gave me £50k.

Mon 16 January 2017 07:14


FTSE 100
7346.71 | 8.90 (0.12%)




(ShareCast News) - London stocks were set for a firmer open on Monday, benefiting from a weaker pound, which fell overnight amid growing concerns about a 'hard' Brexit.
The FTSE 100 was expected to open 13 points higher than Friday's close at 7,350.
The pound dropped below $1.20 for the first time since the October 'flash crash' following a Sunday Times report that Prime Minister Theresa May will indicate in her speech on Tuesday that she plans to pursue a 'hard' Brexit and quit the European Union's single market to gain more control over migration and the country's laws.
CMC Markets' Michael Hewson said: "The weakness of the pound has been one of the key catalysts as to why the FTSE100 has managed to push strongly above its previous all-time highs, as well managing to break record after record in closing higher every day since just before Christmas.
"This pattern looks set to continue again, with a higher open for the UK benchmark, as we head into a new week after the pound fell below the 1.2000 level for the first time since the flash crash lows in October last year in Asia overnight.
"It would appear that the main catalyst behind this selloff is speculation that UK Prime Minister Theresa May will set out tomorrow the UK government's position when it comes to coming to deal with the EU with respect to its negotiation position ahead of the expected triggering of article 50 in March, though this could still be derailed by the Supreme Court ruling which is due any day now."
Investors will also be digesting news that US President-elect Donald Trump - who will be formally inaugurated on Friday - has promised a quick trade deal between the US and the UK after he takes office. <

---

Good riddance to Omaba and his "back of the queue"

Away from Brexit, the latest figures from property website Rightmove showed UK house prices nudged up in January.
Prices were up 0.4% from the previous month to an average £300,245. On the year, prices were 3.2% higher in January.


Left that last bit in just for Crashy

Moby

CLAPTON wrote: »

however, the UK pursuing policies so that
-The UK supreme court becomes the final arbitor of UK law
-The UK parliament making UK laws

will make all the people of the UK more secure, and provide a better quality of life.

Really....is that because our elite will look after the British worker better than the EU elite:rotfl:
I don't think any sensible reading of our history over the last 1000 years would back that up! We are a class ridden, unegalitarian island and a hard Brexit will turn us into a bargain basement pound shop whoring ourselves and our working terms and conditions standards etc to undercut the EU competition. That's basically what Hammond was saying!

CLAPTON

Moby wrote: »

Really....is that because our elite will look after the British worker better than the EU elite:rotfl:
I don't think any sensible reading of our history over the last 1000 years would back that up! We are a class ridden, unegalitarian island and a hard Brexit will turn us into a bargain basement pound shop whoring ourselves and our working terms and conditions standards etc to undercut the EU competition. That's basically what Hammond was saying!

Do you really think that europe was more equalitarian than the UK over the last 1,000 years? I would say that there is no sensible reading of european history that suggests that is so, although it would be an interesting debate.

Do you think that the unemployed in countries like Greece, Spain, Cyprus , Italy are lobbying for more restrictive employment standards?

The race to the bottom in the UK has been a result of the large number of immigrant workers than keep wages down and are willing to work in poor conditions.

Moby

CLAPTON wrote: »

Do you really think that europe was more equalitarian than the UK over the last 1,000 years? I would say that there is no sensible reading of european history that suggests that is so, although it would be an interesting debate.

Do you think that the unemployed in countries like Greece, Spain, Cyprus , Italy are lobbying for more restrictive employment standards?

The race to the bottom in the UK has been a result of the large number of immigrant workers than keep wages down and are willing to work in poor conditions.

Agree to a large extent. What I'm saying is being in or out makes no difference. We are ruled by an elite either way. At last in the EU we had the Working Time Directive. Why can't we be more like Germany? Since the war their economy has grown and been stable based on consensus between management and worker....a sort of Waitrose deal, instead of a Tesco deal (for the worker). That's not extreme, it's inclusive and encourages the worker to become a shareholder in the interests of the company and their future. We seem to prefer Conrad style unfettered markets, deregulation where people can get rich quick while others suffer.

Are you so confident that you believe getting back control will result in protecting workers rights etc because of the reduction in immigration?
What about the scenario that we'll have to find ways of undercutting the EU to get business and this will result in erosion of such standards?

CLAPTON

Moby wrote: »

Agree to a large extent. What I'm saying is being in or out makes no difference. We are ruled by an elite either way. At last in the EU we had the Working Time Directive. Why can't we be more like Germany? Since the war their economy has grown and been stable based on consensus between management and worker....a sort of Waitrose deal, instead of a Tesco deal (for the worker). That's not extreme, it's inclusive and encourages the worker to become a shareholder in the interests of the company and their future. We seem to prefer Conrad style unfettered markets, deregulation where people can get rich quick while others suffer.

Are you so confident that you believe getting back control will result in protecting workers rights etc because of the reduction in immigration?
What about the scenario that we'll have to find ways of undercutting the EU to get business and this will result in erosion of such standards?

I don't share your view that UK politicians can make no difference; very few would argue that Thatcher made no difference.
Of course I think there are many aspects of the EU that I like : their health service where all must pay something at the point of delivery so they benefit from more private money in the system and discourage time wasters, their lower minimum wage which sustains more jobs etc.
However, I believe it is for the electors of the UK to support these policies.
It's very likely that the working time directive keeps EU unemployment higher than it otherwise would be.

I know little of Germany but I doubt they had hard line communists as trade unionists after the war. German workers seem to have been willing to go without wage rises and don't strike against introduction of machinery or better working practices.

There is nothing to stop trade unions or crowdfunding or 'concerned' groups from starting their own companies that support your views : whether you would invest your own pension funds in them is different matter.

I see no reason why we will need to uncut the EU to get business : why would that be?

AnotherJoe

Moby wrote: »

What I'm saying is being in or out makes no difference.

Are you so confident that you believe getting back control will result in protecting workers rights etc because of the reduction in immigration?

To both those points, the difference is, Brexit removes the excuse that UK politicians have had for 40 years that its not their fault and that they would do it differently but the EU made them do it.

Conrad

I do hope May is bold tomorrow and surprises us. I do expect we will have an EU immigration quota as part of an overall points based system designed for our needs (comparisons with Australia completely miss the point of course, they WANT high numbers, they have a lot of space and a small population).

Let's go WTO and offer free trade to the EU, it's then up to them if they want to walk away from free trade.