 Toyota warned of a shut down this week if Britain fails to find a solution to the Brexit negotiations. “If Britain crashes out of the EU at the end of March, we will see production stops in our factory,” said Marvin Cooke, the managing director at the firm’s plant in Burnaston, near Derby.
Asked how long the production stoppages would last, he said: ”We can’t predict, it could be hours, days, weeks, even months.” The Japanese car manufacturer is the latest in a list of foreign car companies to say there could be temporary stoppages and maybe even job losses if there are checks at Dover and Calais as a result of no deal. Toyota follows warnings from Honda, BMW, JLR and more. Firms across the UK are beginning to build stocks of raw materials and components ahead of the March deadline. Even the NHS has plans to stockpile ambulances ahead of the critical date. An “urgent” £9 million order for 112 new ambulances has been placed by health chiefs amid fears none will be available after Brexit. Built by Mercedes in Germany and finished off in Ireland, the vehicles are desperately needed by London Ambulance Service. Brexit is looming with firms in a quandary about the implications for business and investment. According to a survey by the British Chambers of Commerce this week, A fifth of businesses surveyed (21%) will cut investment if there is ‘no deal’, 20% will move part or all of their business to the EU and 18% will cut recruitment. Larger firms and those who are internationally active are the most exposed to the ramifications of ‘no deal’. 28% of firms with over 50 employees and 24% of those who export or import internationally say they would cut investment plans. Latest figures released by the ONS, suggest growth is grinding to a halt. In the first half of the year, growth was around 1.2%. Investment fell in the second quarter, government spending was flat. The trade in goods deficit increased to £34.7 billion compared to £32 billion in the first quarter. The consensus forecast for growth this year is just 1.3%. Growth boosted by an element of stock build perhaps at the expense of an accelerated trade deficit. Chequers or Canada Plus? It's hard to see a proposition which is acceptable to the Tory party let alone the EU. Six months to the deadline with no solution in sight. Rollover Brexit may be the only way to avoid a roll-on roll-off crisis at the docks … Block at the Dock ... The Future of Trade ... Fears are increasing in the transport industry of a post Brexit crisis for trade. Delays at the ports are inevitable according to experts in the Road Haulage Association. The industry already faces a driver shortage of some 45,000 at present, forecast to increase to 60,000 in the near term. UK drivers cannot be sure they will be allowed to drive in Europe in the event of a no deal Brexit. Many small business owners are now forced to review their commitment to international trade. European firms are taking a similar negative view on forward contracts into the UK in 2019. Shipping goods into the UK will be expensive, subject to additional paperwork and vulnerable to inevitable delays. Transport firms in Germany are reviewing options. Polish contractors are deciding transport within the EU, will provide a simpler, less expensive, logistic free solution to building an international business. Who wants to be stuck in a lorry park in the South East of England, with perishable goods on the back of the truck. Freight rates are rising already, as the squeeze begins to take shape. The Brexit timetable is accelerating. Decisions are now being made which will affect the UK over many years ahead. The reality is dawning, no deal is looming, with all that may entail. Free to trade with the rest of the world, doesn't look to be such an attractive option as US tariffs begin to disrupt the pattern of trade. The WTO warned this week, Escalating trade tensions and tighter credit market conditions in important markets will slow trade growth for the rest of this year and in 2019. The WTO anticipates growth in merchandise trade volume of 3.9% in 2018, with trade expansion slowing further to 3.7% in 2019. The new forecast for 2018 is below the WTO's April estimate of 4.4%. Trade growth in 2018 is now most likely to fall within a range from 3.4% to 4.4%. Does the White House have a plan? It doesn't appear so, according to David Dollar in the Washington Post, "I don’t think the administration knows clearly what it’s doing. Other countries are confused. We’ve launched a lot of trade measures against other countries and sent a signal of withdrawal from the world.” Brexit, Trump Tariffs. with Boris Johnson on the doorsteps of Number Ten, many challenges ahead for business in the run up to March 29th 2019 ... Fed raises rates ... Jerome Powell avoided pressure from Donald Trump this week and made the decision to raise rates by 25 basis points. It seems clear a further rate rise will follow in December with more to come next year. No longer will monetary policy be "accommodating" the Fed is forecasting US growth of 3.1% this year, as consumer confidence, business investment and jobs growth remain positive. The Fed "Blue Dot" forecast suggest U.S. rates could rise to 3.5% by 2020. Ten year bond yields fell slightly to 3.04% this week. Is the yield curve inverting? Probably not. We expect long yields to rise to maintain the spread, if short rates follow the path currently predicted by the Federal Reserve. The Fed Chair was in bullish mode ... "As the year has gone on, the economy has come in stronger than we expected. And that’s a really good thing. … Some of it is, no doubt, the effect of the fiscal policy changes, the tax cuts and the spending changes. That’s got to be part of the story. Part of it may be higher oil prices which are calling for more investment in the oil patch. But the growth picture is very much supported by very high readings of household confidence, business confidence. So it’s a particularly bright moment. If you look back over the last decade, this is a pretty good moment for the U.S. economy." "A pretty good moment", which is not sustainable. The trade deficit is increasing, a result of strong growth. The internal deficit is increasing, as result of tax cuts and spending plans. Funding costs for the deficit are heading for over $1 trillion dollars, soon to become the biggest spending item in the government budget. Soaring debts and deficits, it's a long haul back to fiscal probity. Never a strong point on the Trump agenda. That's all for this week, have a great week-end, Don't Miss Our Monday Morning Update this week, John Don't Miss the pro-manchester economics conference on the 18th October. I shall be anchoring the "show" and providing an update on prospects for the UK and World Economy. Book Now We have great agenda and line up of speakers on the day as we discuss the "Economics of Greater Manchester".
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 Ambushed in Salzburg, the Prime Minister had no idea the Chequers plan was to be rejected out of hand. Twenty minutes before facing the cameras to make a speech about a "constructive" meeting with the EU President, Donald Tusk read out a prepared statement, "The suggested framework for economic co-operation will not work" he said bluntly. The Chequers plan rejected by "Brexiteers" and unloved by "Remainers" had met an inevitable fate.
A diplomatic disaster had taken place. Amendments were hastily made to her speech. Visible angered and shaken, the PM described the meeting as frank. "Blindsided and humiliated", the verdict of the Times today. Tusk compounded the problem with an Instagram post, a photo of the PM at a cake stand, with a caption saying "no cherries". A crude reference to the criticism of "Chequers" as "Cherry Picking" the best bits from any single market deal. The UK proposal was never going to be accepted by the EU, any more than it could be accepted by the Tory Party. Ollie Robbins, the Chief Brexit negotiator, compounded the problem, suggesting further concessions from Britain were not evident. "I said these negotiations would be tough" said the PM "they were always bound to be toughest in the final straight". "While both sides want a deal" she continued", "we have to face up to the fact that there are two big issues where we remain a long way apart". The Prime Minister is an optimist. "Only two issues to resolve, a long way apart, in the final straight". That's an underestimate of a contradiction in terms, one of many in the leave scenario. We are leaving the club whose rules we are trying to change as a condition of absence. "In the meantime, we must continue the work of preparing for a no deal" threatened the Prime Minister. If only we had any idea just what a no deal would entail ... Inflation increased in August ... Inflation jumped in August, CPI basis to 2.7%. Goods inflation increased to 2.8%. Service sector inflation increased to 2.5%. Always amusing to read some of the headlines on the day with a snap rationale of economics news. "Theatre prices push inflation higher" a particular favourite. The underlying reason is the rapid change in oil prices. Oil prices Brent Crude hover below $80 dollars now compared to $50 dollars in August last year. Transport costs made the largest upward contribution to inflation with prices rising by 6.0% in the year to date. The largest contribution within the transport group came from motor fuels. Manufacturing prices, better explain the story. Input costs increased by just over 8% in the month, driven higher by a 40% increase in crude oil prices. The rate of input inflation was actually lower than prior month. In July the price hike was nearer 10%. That's why, we expect the rate of consumer price inflation to moderate towards the end of year as oil prices work there way out of the index. CPI inflation will remain some way off the 2% target. No Christmas present for the Governor in the top line figures Goods new for retail. Volumes increased by over 3% in August. Spending in value terms increased by 5.6%. Don't write the consumer off just yet. The hot weather contributed to the growth in activity. On line sales increased by 14%, now accounting for 18% of all activity. If current trends are maintained, internet penetration will increase to 20% by the end of next year. That's one in five transactions out of the high street. Within five years, on line sales could account for 25%, that's one in four retail transactions. Food penetration is currently just 5%. The challenge - to get the online food model right. Amazon is leading the way with the acquisition of Whole Foods and the development of 3000 cash less stores. It's all about "managed footprint and last mile logic" ... Trade talks are off ... The Chinese are pulling out of trade talks ahead of the mid term elections. Confronted with further tariffs on $200 billion of goods, there would seem to be little point in talks with Washington. China will not return to the table any time soon Trump continues his political incantations in the search for votes. Japan is next in the firing line. The biggest deficit generator after China and Mexico, Tokyo will be pulled in for talks about trade. A 25% tariff on cars would be a real threat to local output. "Trade is bad" "protectionism is good" the White House mantra. But is it? Vivian Sayward, a manufacturer of athletic clothing in San Diego, is not quite so sure. Prices are expected to rise on a number of materials, including a polyester-Spandex-blend fabric heavily used by the firm. “This tariff was supposed to help American manufacturers, but truthfully, we may have to start manufacturing outside the U.S.," said Sayward, who founded Vivacity Sportswear six years ago. “I’m not quite sure, to be honest, how my business can survive long-term." Rising prices will be the result of higher tariffs. Higher prices will mean lost out put for many manufacturers and pain in the pocket for households and consumers. Apple was able to secure tariff exemptions for key products but Apple is an exception. The Trump proposal to assemble components in the USA subject to import tariffs from "Another Place" is illogical. The threat to world trade is significant as the IMF and the OECD have pointed out. Let's get the mid terms out of the way, the GOP may lose control of the House and the Senate, then we must hope, some semblance of sanity may return to talks about trade ... That's all for this week, have a great week-end, Don't Miss Our Monday Morning Update this week, John  "The High Priest of Project Fear" was Jacob Rees-Mogg's depiction of the Governor of the Bank of England this week. The Governor had been in a Cabinet Meeting suggesting house prices would fall by over 30% in the event of a hard Brexit next year, allegedly.
The Arch Brexiteer was incensed. "The Governor of the Bank of England should influence events by the modest movement of eyebrows, rather than imitating a screaming banshee" he said. Unfortunately for the Mogg, long gone are the days of bushy eyebrows and the subtle draft of disdain as eyebrows are raised in modest reproach. The Governor has a job to plan for the worst and not hope for the best, as he explained in a Daily Mail article this week.. The Bank is not forecasting a fall in house prices as a result of a hard Brexit. The house price fall, along with a surge in unemployment and rising rates is one of several "stress tests" for the banking system in the event of a financial crisis. The extreme case is "Candles, Caves and Cans". One in which we are all "living in caves, lit by candles, eating out of cans". But then who would need a banking system and a central bank anyway. The Governor did explain there could be a £16 billion bounce to the economy in the event of a "Chequers" deal. Consumer confidence would receive a boost. Investment plans would be revised. A collapse in Sterling would be avoided. The sky would not fall down. Theresa May would be triumphant. The Governor knew what he was doing. Eighty MPs including Boris Johnson, David Davis and the Mogg have already said they would reject the Chequers deal. In quantifying the £16 billion boost, the Governor demonstrated a wry sense of humor. The "High Priest of Project Fear" had morphed into "The High Priest of Fun" ... The UK is hiring ... and paying more ... Good news on the economy this week, the unemployment rate held at 4% in July. The number unemployed was 1.36 million, Vacancies increased to 833,000 and pay increased by 3.1%. There was a big jump in public sector pay, matching the private sector increase. One months data can be subject to revision. The three months average, increased by a more modest 2.6%. We have long expected an increase in earnings to match the fall in unemployment, rising vacancies and recruitment difficulties. Is this the turning point? Perhaps. In other news, the ONS released the monthly GDP tracker data for July. The rate of growth increased to 1.6% year on year, following 1.3% growth in the second quarter. Services grew particularly strongly, with retail sales performing well. Activity was boosted by warm weather and the World Cup. The construction sector also bounced back after a weak start to the year. The legal profession performed particularly well. Manufacturing output continued to disappoint. According to ONS data, manufacturing output increased by just 1.1% in the month. [We expect manufacturing growth of just 1.5% this year, following growth of 2.5% last year.] It could get worse. The boss of Jaguar Land Rover, Ralf Speth, warned this week, of thousands of job losses in the UK in the event of a no deal Brexit. In June, JLR said it would shift production of its Land Rover Discovery to a new plant in Slovakia. The statement follows warnings from BMW, Nissan and and other large manufacturers including Airbus. The SMMT reported, car sales were down by 4% in the year to August compared to prior year. Diesel sales were down by almost 30%. Consumers are confused. We expect registrations to fall by 4.5% for the year as a whole largely as a result of the diesel shock. So what of interest rates? The Bank of England MPC voted unanimously to keep rates on hold this week despite the pick up on growth and earnings. The Fed is expected to raise rates again this year. A further rate rise on the UK seems possible this year, if current trends continue on earnings and inflation. Sterling closed up at $1.3068 against the Dollar on Friday and €1.1231 against the Euro. Ten year gilt rates closed up at 1.54 from 1.45. In the USA ten year bond yields closed at 3.0%. Uncle Sam has lift off from Planet ZIRP. A further weakness in Bond Prices would push U.S. rates back to normality, pegged at 4.5% ... Ignoring the Tweets ... West Wing aides are perfecting a Trump survival skill: Ignoring the tweets according to #Politico. The president peddled a conspiracy theory about the death toll from Hurricane Maria, White House officials went on as though he'd said nothing at all. Trump’s outburst, in which he peddled a false conspiracy theory that “Democrats” inflated the official death toll from Hurricane Maria to smear his image, was met largely with silence from his White House advisers. There was little effort to mount a major defense of the statement. Tweets will be tweets and then move on without comment the current policy. "When Trump visited the island territory last October," he tweeted "OFFICIALS told him in a briefing 16 PEOPLE had died from Maria" "then like magic 3000 people had been killed." Trump often reverts to the third person in his tweets. It's like an out of body (or mind) experience. "3000 people did not die in the two hurricanes that hit Puerto Rico. When I left the Island, they had anywhere from 6 to 18 deaths. As time went by it did not go up by much. Then, a long time later, they started to report really large numbers, like 3000..." Trump tweeted Thursday morning... "This was done by the Democrats in order to make me look as bad as possible when I was successfully raising Billions of Dollars to help rebuild Puerto Rico. If a person died for any reason, like old age, just add them onto the list. Bad politics". Gradually markets too are learning to ignore the tweets. Markets rallied on news of potential trade talks with China. Then slumped as reports emerged Trump wants tariffs on $200 billion of Chinese goods. News of instructions to aide to implement the tariffs did not affect markets this week. The Dow, S&P and NASDAQ closed higher in the week. Monday Morning Markets ... Find out more in our Monday Morning Markets. The update is released every Monday Morning at around 8:00am. We look at key stock markets, bond markets, interest rates and currencies every week. Last week our eToro "Empires of the Cloud" returned to profit with a strong performance from Apple and Microsoft. Our eToro nine index tracker fund was up by 1.3% as fears of trade wars and Brexit faded from sentiment. That's all for this week, we will be back next week, with more economics, updates and market analysis. Have a great weekend, John  The great Washington "Who Dunnit" was launched this week. It was the search for the anonymous author of the Op:Ed in the New York Times. A damning revelation of life in the White House and the vagaries of life with the President.
The week had not begun well. Bob Woodward released his new book "Fear, the story of Trump in the White House". The book opens with a shocking anecdote about how the President's closest advisors seek to thwart the directives of an unreliable and unstable President. In one instance, according to the Washington Post, Trump had ordered a letter announcing the U.S withdrawal from a trade agreement with South Korea. The then Chief Economic Adviser, Gary Cohn, realised the initiative would be a disaster for U.S. policy. The solution for Cohn, just take the letter out of the President's in tray. Out of sight out of mind, Trump's limited attention span would buy time and short circuit Trump's impulsive policy pronouncement. No fan of GTD, the President doesn't even keep a list apparently. Members of staff would frequently work together to block the President's most dangerous initiatives. Jim Mattis Defense Secretary ignored an order to assassinate Syria's President Bashar al-Assad? Top Brass ignored the President's diktat on trans gender people in the military. Trump's views on world trade are evident. On one speech he had written "Trade is Bad". When Cohn asked the President why he clings to such beliefs, the President responds: "I just do, I have had these views for thirty years". The book "a work of fiction" according to Trump was bad enough. Then followed an anonymous editorial in the New York Times. "I Am Part of The Resistance Inside The Trump Administration" the article declared. I work for the President but like minded colleagues and I have vowed to thwart parts of his agenda and his worst inclinations. The root of the problem is the President's amorality and lack of principle. A disrespect for free minds, free markets and free people. Declaring the Press as the enemy of the people is dangerous. Trump's impulses are anti democratic and anti trade. The President's style is impetuous, adversarial, petty and ineffective. He engages in repetitive rants, off topic and off the rails. Impulsive responses lead to half baked, ill informed, reckless decisions which have to "walked back". Trump has also a extended capacity for mendacity. Advised not to testify to the Mueller investigation, "It's either that or an orange jump suit" advised Attorney John Dowd in March. The President's ability to avoid reality would make it difficult to avoid the inevitable lies under oath, the suggestion. Uncle Sam is hiring ... Meanwhile Uncle Sam is hiring. Unemployment is falling. Job growth continues. Non Farm Payrolls grew by 201,000 in August. Over 153 million Americans are now in work. The unemployment rate fell to 4.3%. Pay rates increased by 2.5%. The US economy is expanding rapidly. The US economy will grow by around 3% this year. US inflation is 2.9% in the latest figures and set to move higher. Borrowing is increasing, a function of tax cuts and expansive spending plans especially on the military. Ten year bond yields increased to 2.94% as Fed hikes loom. The trade deficit is increasing a function of strong growth relative to the rest of the world. The U.S. trade deficit rose to a five-month high in July, with the politically sensitive gap with China hitting a record high. The Commerce Department said the trade deficit increased 9.5 percent to $50.1 billion as exports of soybeans and civilian aircraft dropped and imports hit a record high. Government’s policies including the $1.5 trillion tax cut package early this year will worsen the trade deficit. The fiscal stimulus has boosted consumer and business spending, drawing in more imports. US investment increased by 7% in the second quarter. The U.S. cannot enjoy an investment boom without a surge in imports of capital goods ... the deficit is set to move higher ... "Trade is bad" ...especially with China Trump threatened to extend the tariffs on imports from China this week. Traveling on Air Force One, Trump told reporters he could put tariffs on a further $267 billion of Chinese goods "If I want to". This is in addition to the initial round of tariffs on $50 billion, followed by a second wave $200 billion. The remarks prompted a 100 point drop in the Dow Jones average. Apple warned that tariffs would raise prices for US consumers. Prices for the Apple Watch and Air Pods would be hit. Adapters and Charges for most products would also be hit. "It is difficult to see how tariffs that hurt U.S companies and U.S consumers will advance the Government's objectives with regard to China's technology policies" the company explained. "We hope you will reconsider these measures and work to find other more effective solutions that leave the U.S economy and U.S. consumer stronger and healthier than ever before." Trade is bad, the probable response. The President is hoping to close the deal with Mexico and Canada ahead of the mid terms. Europe and Japan are set aside for the moment. China remains public enemy number one. The President needs a pantomime villain on stage in the run up to November ... China fits the bill despite the damage in the short term ... Don't Miss Our Monday Morning Markets ... Don't forget! Monday Morning Markets is back. The update is released every Monday Morning at around 8:00am. We look at key stock markets, bond markets, interest rates and currencies every week and monitor trends and direction in key areas. Last week our eToro "Empires of the Cloud" was hammered as tech and NASDAQ stocks took the hit. Our nine index tracker fund was off by over 2% as fears of trade wars and Brexit uncertainty dominated sentiment ahead of any September shakedown. Don't miss that! That's all for this week, we will be back next week, with more economics and market analysis. We may even talk about the UK economy next week Have a great weekend, John  The Prime Minister was in Africa this week. All the right moves, Theresa May was obliged to dance to a foreign tune. A welcome distraction from the Brussels ballroom perhaps. The world has not seen such great steps, since Lady Penelope's puppet strings snapped at the Thunderbirds Christmas Party in 1968.
The headlines were great in the end. No one really bothered to ask about the priorities for truly global Britain and the push to become a 21st century Exporting Superpower. Was the visit to the Dark Continent really the "Right Move"? South Africa ranked number 27 in the UK's top markets for exports in 2017. Exports were £2.4 billion slightly down on prior year. Imports were £3 billion. The UK has a trade deficit with Cape Town which is likely to increase with any new trade deal. Nigeria, Number 37 in the export list, also featured in the itinerary. UK exports to Nigeria were valued at £1.3 billion last year, offset by a similar level of imports. Kenya, always worth a visit, does not feature in the top fifty markets for truly global Britain. The Prime Minister was "Proud to be the first Prime Minister to visit Kenya for thirty years". Thatcher was the last to make the trip. Exports to Kenya were worth Sh27.3 billion in 2017, about £200 million. Imports were valued at Sh38 billion, almost £300 million. The Prime Minister pledged to make the UK the biggest investor in South Africa among the G7 countries. The USA is the one to beat. China is moving up the ranks fast. It's not sure where the money will come from. UK ten year gilt yields jumped last week. The "kindness of strangers" evaporated slightly in July. Johnny Foreigner dumped government bonds in view of the gloomy outlook for the Brexit deal. How's it going Dominic ... The Prime Minister was able to keep in touch with the Brexit Secretary this week. "How's it going Dominic?" Would the Brexit Boy be able to pull a rabbit out of the hat in dealing with Barnier? Well at least he is talking and making the visits, which is more than can be said for his predecessor. Macron had made a plea for a soft deal with Britain. Barnier returned to the Irish Border issue and recognition of brand rights for French cheese and Champagne. A "soft deal for soft cheese" the slogan. There may yet be progress. Northern Ireland may have to sacrifice the annual move to British Summertime to stay in synch with the rest of Ireland through the year. Nothing in the Good Friday agreement about that. The October deadline will have to slide. Talks continue to provide the basis of agreement. The hard liners strangely silent for the moment. Rees-Mogg offered a second referendum by way of compromise, in twenty years time perhaps. "A soft deal for soft cheese, with a glass of champagne" In other UK news this week, Car production fell by 11% in July. Output is down by just over 4% for the year. Output for domestic sales fell by 16% in the year to date, export output was down by just 1%. Diesel does the damage. Mike Hawes Chief Exec of the SMMT said "To ensure future growth, we need political and economic clarity at home and the continuation of beneficial trading arrangements with the EU and other key markets." Well, Amen to that ... How's it going Donald ... Trump threatened to pull out of the World Trade Organisation this week. He would actually need the approval of Congress to do that. It is, however, a measure of the "isolationist" trend in the White House. The President claimed Europe was as bad as China. "It's just smaller that's all" The EU had offered to abolish tariffs on US cars completely. So what's wrong with that? "Not good enough" the Trump response. They don't like our cars and would have to buy more. Ford has a 10% share of the UK car market and a 6% share of the EU market overall. We will have to do better! Markets shuddered as the threat of a trade war with China escalates. Some $200 billion of China imports will be subject to tariffs in the next round. Ford decided not to import Chinese production into the USA for the foreseeable future. Seems like a good move for the moment. Good news, the USA agreed the NAFTA deal with Mexico. The proportion of car components to be sourced from North America will increase to 75% from 62.5% currently. The deal includes a minimum wage provision and the relaxation of the "Sunset Clause", whereby the agreement is subject to formal review after a set period. Just don't call it NAFTA! "We’re going to call it the United States-Mexico Trade Agreement. We’re going to get rid of the name NAFTA." USMoTA? Maybe we should just call it the Trump Make America Great Again Deal. Part 1. Part 2 will be the inclusion of Canada. "Canada will start negotiations shortly," Trump said. "I'll be calling the prime minister very soon. And if they'd like to negotiate fairly, we'll do that. You know they have tariffs of almost 300 percent on some of our dairy products, so we can't have that. We're not going to stand for that." Trump needs a few good deals ahead of the mid terms. Then comes the EU and China. Talk loudly, Twitter often and carry a big floppy stick. The President's approval ratings slumped this week. Trump continues to rate his own performance very highly. "I give myself an A+". "How can they impeach anyone doing so well?" he asks ... Don't Miss Our Monday Morning Markets ... Don't forget! Monday Morning Markets is back. The update is released every Monday Morning at around 8:00am. We look at key stock markets, bond markets, interest rates and currencies every week and monitor trends and direction in key areas. Last week our eToro "Empires of the Cloud" jumped by 4%, thanks to a great performance from Square, Amazon and Apple. Our index tracker fund was up by just 0.3%. European stocks slipped on Brexit fears. US stocks performed well across the board. The Dow and S&P rallied as NASDAQ surged. That's all for this week, we will be back next week, with more economics. and markets. Have a great weekend, John |
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