For Queen & Country

UKSummary

United Kingdom: House prices continue to push higher
United States: FOMC Preview
United States: Produce Input costs fall
China: Central Bank turns the taps
Eurozone: Business expectations stabilise in September

Good morning,

The UK and Irish betting company Betfair just pulled off the publicity stunt of the year by paying out early on the “No” vote in Thursday’s Scottish referendum. The move even got credit from Bloomberg for boosting the pound a touch higher.

The English are without a shadow of doubt the world leaders in snobbery and the ballsy move from this bookie will restore a bit of the swagger than has been snuffed out so badly at every World Cup for a generation. The man on the street can now more-credibly claim to have never been worried — “Oh that little trifle in the North, I’d almost forgotten about that.”

The dent in the pound over the last two weeks betrays that kind of talk and shows the leaders and businesses were in near-panic mode. The money will stay on the side-lines until after the votes are in and then it will return For Queen and Country.

You can bet some eyes rolled at British Parliament when Betfair made the announcement. It will embolden some soft supporters of the Yes side who wanted to offer a symbolic vote for independence without a thought to the consequences. That might make the vote closer than it needs to be.

When the votes are in you can bet the London tabloids will have a heyday mocking Salmond and Scotland; it will be even worse on the football pitch. Like the move by Betfair, it will be good for short-term business but it’s another alienating barb for the Scottish. They would be wise to remember that this won’t be the last push for Scottish independence.

Download a FULL PDF version of the Daily Note:

Global Macro-Daily Note 17th September 2014

Disclaimer

  • The statements, opinions and analyses presented in the articles, newsletters, and other materials appearing on this website are provided as general information and for educational purposes. Opinions, estimates and probabilities expressed herein constitute the judgment of the author as of the date indicated and are subject to change without notice. Nothing contained in this website is intended to be, nor shall it be construed as, investment advice, nor is it to be relied upon in making any investment or other decision. Prior to making any investment decision, you are advised to consult with your broker, investment advisor or other appropriate tax or financial professional to determine the suitability of any investment. David McWilliams shall not be responsible or have any liability for investment decisions based upon, or the results obtained from, the information provided.


Categories: Daily Note