Bill Blain: “Markets Did Not Melt Down Yesterday As I’ve Been Semi-Seriously Predicting”

Submitted by Bill Blain of Mint Partners

“Far across a moonbeam, I know that’s who you are, I saw your brown eyes turning once to fire..”

Friday the 13th. Never a lucky day.

Already I’m having a difficult time. I was a bit late so I decided to cycle to office this morning, but discovered I’ve got a flat tyre. Then I jumped on a taxi, but when we got to Canary Wharf turns out the guy’s credit card reader is broken, so I have to go find a cash machine – which takes another 10 mins. Next I discover my pass isn’t working – so its queue up for a new one.

Then there is the fact global stock markets did not melt down yesterday as I’ve been semi-seriously predicting through the summer. However… the dovish Fed comments on Wednesday and declining confidence in Trump being able to ram through his tax-plans is now being felt – markets are ending this week far less frothy than they were last week. A correction is still coming – just my timing was wrong… Again.

When I finally got to my desk this morning, first order job was to face the news flow.. As dismal as ever.

But… in an effort to cheer myself up, let’s look past the headlines. Things are never as bleak as they papers would have us believe..

For instance, this morning’s Brexit pages are all about how Michel Barnier says “insufficient progress and deadlock” on the divorce negotiations and how, sadly, that means the heads of states will turn down the process thus far. The result is predictable: Sterling weakens, more conversations in smoke filled rooms about the need for “Strong and Stable” Leadership and replacing Theresa May, and the Remoaners tearing their hair out in panic …read more


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