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Post by Deleted on Sept 26, 2022 12:46:08 GMT
Since KK is a bright boy (Truss is clearly not) he must have known this was going to happen. What does it do for the economy? It puts up the cost of imports, it reduces the cost of exports. So logically more people will holiday at home and international selling businesses may actually sell more. It should stop us buying more as well.
Good thing/Bad thing, but no one can say they were not warned this would happen.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 26, 2022 12:51:40 GMT
GBP/EUR , Sep 26th opening prices... 2019 1.13 2020. 1.09 2021. 1.17 2022 1.12 GBP/EUR 26/0 8/22 1.1 857 GBP/EUR 26/0 9/22 1.1 187 Now 1.13 - crazy times. Rising to due to pricing in some form of emergency BoE intervention which has also hit FTSE
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registerme
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Post by registerme on Sept 26, 2022 13:05:59 GMT
I wouldn't be surprised if some of the hedgies are covering their shorts as well.
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registerme
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Post by registerme on Sept 26, 2022 13:14:29 GMT
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 26, 2022 13:21:47 GMT
GBP/EUR , Sep 26th opening prices... 2019 1.13 2020. 1.09 2021. 1.17 2022 1.12 GBP/EUR 26/0 8/22 1.1 857 GBP/EUR 26/0 9/22 1.1 187 EDIT:- FTSE 100 26/0 8/22 7427.30 FTSE 100 26/0 9/22 6977.45 FTSE 250 26/0 8/22 1967.70 FTSE 250 26/0 8/22 17703.13 And to provide some balance / context HSBC European Index Fund Income (C) 26/0 8/22 6. 85 HSBC European Index Fund Income (C) 26/0 9/22 6. 49 Though I'd suggest that continental Europe is more exposed to Russia / Ukraine risk, political risk (Italy), energy risk, and just as exposed as the UK to US interest rate moves. FTSE -5% FTSE 250 -6% S&P 500 26/8/22 4089 S&P 500 26/6/22 3693 -10% NASDAQ 26/8/22 12236 NASDAQ 26/9/22 10867 -12% DAX 26/8/22 13335 DAX 26/9/22 12270 -5% CAC 40 26/8/22 6274 CAC 40 26/9/22 5776 -8%
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 26, 2022 13:23:59 GMT
Having rejected 1 Euro last week presumably because it just sounds rubbish and doesnt want to have to rap in French Not sure a US rapper would ever consider being labelled as a lightweight
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michaelc
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Post by michaelc on Sept 26, 2022 13:34:13 GMT
It's not like you needed to be John Maynard Keynes to know what the result would be. I'm a tad disappointed with our new governemtn. If I remember correctly (and I may not so feel free to correct me) but you were someone who really enjoyed the downfall of Boris. To me Truss is to the Tory party as Corbyn was to Labour. Playing to her own but the scary thing is she is actually in power.
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adrianc
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Post by adrianc on Sept 26, 2022 13:34:50 GMT
I wouldn't be surprised if some of the hedgies are covering their shorts as well. The rather well-named Crispin Odey is already being name-checked, having made large amounts for shorting Sterling back in 2016... Back then, Odey funded the Leave campaign to the tune of nearly £1m. This time, the employment history and ongoing declaration of £20k/year consultancy of a certain Mr K might be relevant.
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adrianc
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Post by adrianc on Sept 26, 2022 13:35:44 GMT
If I remember correctly (and I may not so feel free to correct me) but you were someone who really enjoyed the downfall of Boris. As did every intelligent human. Absolutely this. Hideously incompetent and out of step with the greater good of the country, utterly toxic to the larger electorate, but the faithful are so smitten they can't see it. Rejoicing in the departure of one incompetent does not mean you automatically welcome a greater one.
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Post by Deleted on Sept 26, 2022 13:43:26 GMT
went from the clown to the thick
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Post by bracknellboy on Sept 26, 2022 13:46:49 GMT
Surely it isn't the pound tanking so much as the US dollar rising? The USD has strengthened against every major currency. The Euro has fallen equally badly against USD too. The GBP/EUR remains pretty much where it's been for a long time. Still, let's bash Britain, why not. Not bashing Britain, bashing the Truss government. They are not synonymous! And you're right about USD, but had the budget been more conventional it would have fallen less against the Euro and whatever other currencies in your basket you care to think about. and the cost of servicing Britain's burgeoning public debt wouldn't have risen so precipitously. I guess those who are no less willing to only lend with a significantly increased coupon are "bashing Britain", rather than protecting their own interests.
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Post by bracknellboy on Sept 26, 2022 13:52:28 GMT
excuse my moment of memory loss. Does this "mini-budget" have to be voted on in parliament ? EDIT: I mean as opposed to the main budget, which at the very least requires voting on every year as technically certain taxes have to be reaffirmed by law annually.
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Post by bracknellboy on Sept 26, 2022 13:52:57 GMT
and the cost of servicing Britain's burgeoning public debt wouldn't have risen so precipitously. I guess those who are no less willing to only lend with a significantly increased coupon are "bashing Britain", rather than protecting their own interests. Seem to be bashing US as well as Treasury yields rocketed by similar amounts as the UK ones. Interesting
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Post by Deleted on Sept 26, 2022 13:54:08 GMT
Still, let's bash Britain, why not. The only ones 'bashing Britain' are Truss and Kami-Kwaze with their insane bonfire of the nations finances. The markets are just reacting to their foolishness.
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 26, 2022 13:58:09 GMT
If I remember correctly (and I may not so feel free to correct me) but you were someone who really enjoyed the downfall of Boris. As did every intelligent human. Absolutely this. Hideously incompetent and out of step with the greater good of the country, utterly toxic to the larger electorate, but the faithful are so smitten they can't see it. Rejoicing in the departure of one incompetent does not mean you automatically welcome a greater one. Unfortunately, having got rid of a barefaced liar, we've now got someone who tells the truth. So when she promised to take measures that will result in trashing the economy, she bloody well only goes and does it!
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