BREAKING: President Trump just ordered to immediately halt all trade with Spain.
Trump made the remarks during a NATO meeting while standing next to NATO Secretary General Mark Rutte. Trump's core complaint is that Spain refuses to pay its NATO defense spending commitments. While Germany, France, the UK, and Italy have all been contributing, Spain has openly resisted meeting the 2% GDP defense spending target that NATO members are required to hit. Trump said he tested NATO members during the Iran conflict to see which ones would show up and support the US. Spain did not. "Spain is a terrible partner in NATO. They don't participate, they don't pay." "Cut off all trade with Spain immediately. Don't even talk to them. Including visits." Spain is one of the US's significant trading partners in Europe. The US exports roughly $16 billion worth of goods to Spain annually. Trump is threatening to end that entirely over NATO non compliance. "They make so much money with us and we are going to see that they make a lot less." Source: Bull Theory @BullTheoryio
Yields on 10y gilts have risen well above 5%, reaching their highest level since 2008 due to the UK government crisis.
Keir Starmer's premiership appears to be hanging by a thread after his much-anticipated policy reset speech on Monday - in response to the Labour Party's poor performance in recent local elections - failed to deliver the shift many MPs demanded. Starmer said on Tuesday that he wasn't going anywhere, but with calls for his departure mounting, he looks to be fighting a losing battle. Source: HolgerZ, Bloomberg
UK house prices rose at the fastest rate last month since January.
Source: Financial Times
Should we consider this as a leading indicator?
Sotheby’s revenue from commissions and fees on sales fell -18% Profit before tax at Sotheby’s Holdings UK fell -21% Source: The Coastal Journal
If you are in the manufacturing industry, do you produce in the U.S. or in the U.K.?
Source: Michel A.Arouet
The UK faces the doom loop of rising borrowing costs, growing deficits and a government facing a lot of bad choices to raise revenues
Yields on 30-year gilts have reached their highest levels since 1998. Source: Lisa Abramowicz @lisaabramowicz1, Bloomberg
Revolut employees are in line for big windfalls as the UK’s most valuable fintech allows staff to sell down their holdings in the company at a $75bn valuation
Revolut told staff on Monday that they would be allowed to sell up to 20 per cent of their shares to make way for other investors, according to people with knowledge of the matter and a document seen by the Financial Times. Source: FT https://lnkd.in/eRpjTMad
“Friendflation" is the growing cost of maintaining social connections and participating in our friends’ lives.
43% is the proportion of Americans who find it ‘difficult’ to have a wealthier friend 55% is the proportion of British adults who don’t feel comfortable talking about their financial situation, according to a study by the Money and Pensions Service "It may be true, as the adage goes, that money can’t buy you friends. But, it turns out, it comes in pretty handy if you want to keep them". Source: FT
