Winter surge “Thou knowest, winter tames man, woman, and beast,” says Grumio in Shakespeare’s The Taming of the Shrew. Yet it cannot, apparently, tame stocks. As temperatures continued to slide last week, animal spirits persisted on leading indices, fed by glowing economic data. The MSCI World
Noises off Philip Hammond couldn’t complain of a lack of advice. Although he was the star of the show, there were plenty of advance directions shouted from offstage by some of the more truculent members of his own Party. Some went so far as to warn
Tranquil times A report last week showed that half of the world’s wealth is owned by 1% of its people. In an interview in the UK on Thursday, Joseph Stiglitz, the Nobel prize-winning economist who advised Bill Clinton and Jeremy Corbyn, said that the election of
Halfway house To lose one cabinet minister may be regarded as unfortunate; to lose two looks like carelessness – as Oscar Wilde (almost) said. Last week the prime minister lost her second cabinet minister in just eight days, this time for a solo and unapproved diplomatic mission
Easing off The last time the Bank of England raised interest rates, it was quickly overtaken by events. On 5 July 2007, the Monetary Policy Committee raised rates by a quarter of a percentage point to 5.75%, and employed restrained language in its assessment of the
Revolutionary roads A hundred years ago trading ceased on the St. Petersburg stock exchange – and didn’t start again for 74 years. Vladimir Putin chose not to mark last week’s centenary of the assault on the Winter Palace, signature moment of Russia’s October Revolution – despite some
Eastern tide Extended speeches have long been a signal of authority in Communist administrations. Last week, the Chinese president made his own supremacy abundantly clear, delivering the key five-yearly address for no less than three hours and 23 minutes. In economic terms, his emphasis was on
Flying high Bears have always been fond of Icarus. In the old Greek myth, Daedalus crafts wings to enable his escape from Crete with his son Icarus; but Icarus ignores his father’s warning not to fly too close to the sun – and plummets into the
Writing on the wall? The prime minister could surely be forgiven a little self-pity after the ordeal that was her Conservative Party Conference speech last week. She might have got over the prankster handing her a P45 (‘from Boris’) and perhaps even the persistent cough that
Political punts “You’ve got to know when to hold ‘em, know when to fold ‘em, know when to walk away, know when to run.” So sang Kenny Rogers in ‘The Gambler’, back in 1978. These days, politicians appear to have lost the knack. In late 2015,
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