Hurricane Beryl has not only dumped water on all in its path, but it has also quenched some of the bullish fervour that was slowly developing within the oil fraternity. The Port of Houston, pipelines and other associated infrastructure have been taken offline, but the market reaction is curiously muted.
Even by current standards there was a lot to ponder, evaluate and assess last week. Just think of the abundance of national elections, the variety of PMI releases, the smorgasbord of US job data and the copiousness of crucial US stock readings.
There is no deleterious effect of a sweeping Labour Party win in the UK General Elections and arguably the size of the new government's majority means more of a secure political footing than that of what is happening in Europe. The runoff in France is likely to conclude with a 'cohabitation' and a hamstrung executive that will likely cause more consternation for a debt-ridden economy.
Copyright © 2024 TP ICAP