1st August 2017
Markets Settle Down for Summer
This week has been a bit quiet by recent standards, as most of the western world slows down for the summer holidays.
With the Prime Minister walking through the Alps, we’ve had to settle for second rate drama from some of the governments bit part players. This week’s episode was about someone called Liam Fox and chickens. It started poorly and petered out quickly from there. On the other channel, some Americans talked about, but ultimately didn’t, repeal Obamacare. Markets have been equally disinterested. This is likely the way it will stay for the next few weeks, without even a traditional summer Euro crisis to break the monotony.
While nothing immediate is happening, we did get a hint about the future. In the same week that Shell announced they are preparing for a future of permanently low oil prices, Britain also announced it will ban the sale of petrol and diesel cars in 2040. While it is still about five years after many analysts believe the internal combustion engine will have stopped being competitive with electric cars, it means the post oil economy is finally in sight.
Last weeks Full Market Commentary available below.