DAILY BULLETIN
Thursday 24 November 2016 | | | Dear Gutenberg, We had the opportunity to sit down with investment superstar Jim Mellon yesterday and pick his brains on some of the biggest issues facing the markets in the months ahead. You can see how he responded by clicking here | | | When Philip Hammond MP, Chancellor of the Exchequer, stood up in the House of Commons yesterday afternoon to chart the course for the British economy over the coming Brexit-obsessed years, he did so as the first Chancellor for nearly 30 years who has no ambition to succeed his boss as Prime Minister. This is an experienced and thoughtful man who – despite being on the wrong side of history (he was, and remains, a Remainer) – just wants to do the right thing. Although the right thing (like truth) is not a neutral concept.
Mr Hammond has been both Defence Secretary and Foreign Secretary, and he knows that this is his last big job in government. Mr Osborne, his predecessor, used his budgets and Autumn Statements to showcase his personal political manifesto. Prime Minister Cameron was happy with that: he assumed that his Bullingdon Club buddie would be his natural successor – and they genuinely liked one another. Gordon Brown, in contrast, wouldn't even allow his boss, Tony Blair, to know the contents of his budgets until the morning before – when he would slam the draft budget statement on the PM's desk and harrumph out. They didn't like one another.
| | | LATEST STORIES FROM OUR BLOG | | | by Zak Mir | Trading |  1 mins. to read
ASOS (LON:ASC) had first mover advantage in its online retail space, and it looks as though in share price terms we shall be treated to more of the same over coming months.
| by Evil Knievil | Evil Diaries | 1 mins. to read
It's all very well Phil Bentley laying out £3.6m on his Mitie (LON:MTO) bet but he is not in post until 12th December. He will then, I think, be able to see contracts which are front-end loaded as regards profits. This will grind hard.
| | by Vince Stanzione | Trading | 3 mins. to read
We are often told that no one can predict the future, especially in financial markets, and we are also told that the "past does not equal the future".
| | by Zak Mir | Trading | 1 mins. to read
It would appear that scrapping the lettings agent fee in the Autumn Statement is a move that will command broad support amongst the general public. Foxtons (LON:FOXT) is one of the companies in the firing line.
| | by Jim Mellon | Economics | 6 mins. to read
Last week I was in New York, and by sheer chance I ended up right next to Trump's golden palace (and of course the many thousands of indignant demonstrators objecting to his position as President-elect).
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"The successful man will profit from his mistakes and try again in a different way."
Dale Carnegie
| | | | MASTER INVESTOR VIDEO EXCLUSIVE | | |
Is your portfolio ready for a 2008-style financial crisis? - Bank valuations already at lowest point since 2008 - a precursor to another blow-up.
- A real risk of Italy leaving the Euro, French insolvency, and Germany writing off huge loans to Southern Europe.
- Disruptive political events, like Brexit or the US election, threaten to throw markets off course.
- Will China's debt bubble finally burst, just when no-one expected it?
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