Investment Markets Overview — W/E 15th July 2016

It’s hard to believe that it is only one week ago that I penned, “Theresa May and Andrea Leadsom will now battle it out for the UK Conservative party leadership between now and early September when the Conservative membership decide.” One week later and any contest was resolved, with May appointed as the second female PM in British history and Leadsom as a member of May’s cabinet, which is now devoid of Cameron’s inner clique, including the former Chancellor Osborne. May has been very canny in placing three leading “brexiteers” as department heads responsible for negotiating the UK’s exit from the EU. Out East, Prime Minister Shinzo Abe’s Liberal Democratic Party and its coalition partners succeeded in winning control of Japan’s upper house, thereby enhancing his grip on the levers of power. The result was not a ringing endorsement of his policies, in particular the three-arrows of Abernomics, as the voter turnout was the 4th lowest ever and suggests dissatisfaction with both the incumbents and with the opposition. Talking of dissatisfaction, an attempted military coup of Turkey’s authoritarian and very unpopular Government was put down late on Friday evening, the country’s 5th coup, attempted or otherwise, since 1960. In a touch of irony, the perceived dictatorial Turkish President, Recep Tayyip Erdogan, encouraged the Turkish people to take to the streets to oppose the uprising saying: “I never believed in a power higher than the power of the people.

The financial markets had a “telling” week, particularly for US stocks and bonds, the former’s main indices setting new all-time nominal highs whilst the latter appear to have made an important long-term turning point. We comment further on this, and lots more, below:

15 July 2016 WE

 

Subscribe to the Full Investment Markets Overview Newsletter which contains the following:-

Additional Commentaries:
•US economic data . . .
•Euro-Zone . . .
•The UK . . .
•Out East . . .
•The $US index . . .
•Within the commodities complex . . .
•Economic data due next week includes . . .

   So there we have it, the Dow and the SPX hit new all-time nominal highs, spurred on by the perception that Central Bankers’ are ……

Charts:
1.  Indices Weekly
2. US Federal Reserve  Labor Conditions Index
3. UK RICS London House Price Index
4. Singapore GDP V  Singapore Retail Sales
5. Commodities Weekly

Table:

13 Indices, 11 columns of detailed information, for accurate analysis

“When everyone is one side of the boat, it tends to capsize.

Click Here to view Details of the full version of this Newsletter which includes full text and detailed

 

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