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TACO, meet FROST: Fiscal Rules Or Sterling Tanks.

Economic data being posted today – UK PMI Construction, Germany Factory Orders, EU PPI

Yesterday, S&P 500 & Nasdaq closed at record highs. A strong jobs market report may put a US rate cut on hold. It's INDEPENDENCE DAY in the US today. Hope the pecan pie slips down with a cold glass of Sauvignon. FTSE 100 may skim some cream off yesterday's top: -18 points at 8805

David Buik Just heard that many of those jobs were Government hirings which makes a mockery of Trump’s pledge to cut Government waste. What happened to DOGE.

Bloomberg Bloomberg Economics scorecard on Labour’s first year in power Growth/living standards: 6/10 Lifting employment: 3/10 Delivering stability: 2/10 Ending austerity: 7/10 Housebuilding: 8/10 Overall: 26/50 Via Philip Aldrick Dan Hanson bloomberg.com/news/features/…

Michael Wilson & David Buik engaged with a City stalwart – Ian King, City & TV Editor in capital.com’s ‘Talking Markets’ YouTube – the role of the press, rates, gold, oil, sectors to watch & concern over cost of public sector – invaluable. youtube.com/watch?v=fgYj8L…

Rest in peace, Diogo. ❤️

At 9.44am – FTSE 100 - 8,790.52−32.68 (0.37%). New York closed for a holiday, Little news to titillate investor’s taste buds; London drifted into reverse. Also UK PMI Construction rose to 48.8 in June 2025 from 47.9 in May. The 50.0 threshold separates growth from contraction.

Tax rises of tens of billions absolutely possible in the Autumn - though not inevitable. Nobody can be sure at this point. I don't see how you (sensibly) raise, say, £30bn, without rises in NI, VAT or income tax. (And no, you can't get even close with an annual "wealth tax").

Liverpool are reported to honour the final two years of Diogo Jota's contract and will also fund his children's education. Massive respect to the club. Demonstrating the meaning of YNWA 🙏

European closing levels - 4/7/25 - FTSE - 8,822.91 −0.29 (-0.0033%), DAX - 23,787.45 −146.68 (-0.61%), CAC40 – 7,696.27 −58.28 (-0.75%)

Asia closing - 4/7/25 - NIKKEI - 39,810.88 +24.98 (+0.063%) , HANG SENG - 23,916.06 −153.88 (-0.64%), SHANGHAI - 3,472.32 +11.17 (+0.32%)

Global indices last week – FTSE -0.27%, DAX -1.33%, CAC40 -0.24%, DJIA +3.04%, S&P 500 +2.09%, NASDAQ +1.90%, NIKKEI -1.82%, HANG SENG -2.19%, SHANGHAI COMPOSITE +1.43%, FTSE 250 -0.73%

Global indices YTD – FTSE +6.81%, DAX +18.79%, CAC40 +4.09%, DJIA %, S&P500 +7.00%, NASDAQ +6.85%, NIKKEI -1.28%, HANG SENG +21.88%, SHANGHAI COMPOSITE +6.43%, FTSE 250 +4.44%

BRENT CRUDE $68.30, GOLD $3336.74, UK 2-Year Gilt yield 3.86%, UK 7-year Gilt yield 4.15%, UK 10-year Gilt yield 4.56%, US Treasury 10-year yield 4.35%, BITCOIN $108,304.89 CABLE $1.3652 at 5.42am

NEW: Bloomberg UK Saturday read Keir Starmer is trapped between Labour and the bond market with nowhere to go It could wreck his premiership A person close to No10 says there are “100 Liz Trusses” in the party who don’t understand the public finances bloomberg.com/news/articles/…

India's Captain Gill, by his tactics, which I would have employed on that wicket, has closed to door on England, asking them to chase down 600 in an hour and a day - not realistic. However, I just hope England keep their heads and bat out time. Its still a relatively good wicket.

Rob Moore In the early '70s the top rate was c.83% & there was a 15% income surcharge that pushed many with investment portfolios to over 100% income tax. It crucified the family firm, Hoblyn & Co as Gov & LSE reversed promises made Tim Price Max Wakeman David Buik c.£10TN DEBT