Blain’s Morning Porridge – The Property Chronicle
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Blain’s Morning Porridge

The Macro View

In the headlines this morning

One of our traders was dragged screaming and foaming at the mouth from his desk this morning. As we gently strapped him up in the office straight-jacket and wheeled him towards the Calm Room he was yelling: “You can pull my fingernails out, attach crocodile clips to my fluffy bits, extract all my teeth – but please just stop the Brexit Noise. PLEASE! I CAN’T TAKE ANYMORE!”

I’m not so bothered. After last night’s ritual parliamentary mugging (by only 149 votes this time), now we face a “rule out No-deal vote” today. A No-Deal Brexit will be taken off the table, and tomorrow Parliament will approve an extension of the March 29th Deadline, meaning we can keep playing the Brexit “what happens next” game into perpetuity. Joy.

What comes next is a very good question? We have no idea what is possible in terms of an extension from the EU? Do we need to send Farage back to Strasbourg as an MEP? (Please say yes.. because he’s bound to make us giggle!) A minority Labour government might be a good thing – expose Corbyn, get him replaced with someone within touching distance of common sense? Or do we face an inevitable slide towards a second referendum? (“Surely that’s unconstitutional”, opined She-Who-is-now-Mrs-Blain last night… “Well it probably would be, if we had one” I replied.  Are we spinning towards the No-Brexit? caught on the event horizon of the EU for eternity… I rather fear we are.. somethings are just too difficult.

Who really cares anymore? We just don’t know. And markets don’t like not knowing…

The Macro View

About Bill Blain

Bill Blain

Bill Blain is Strategist for Shard Capital, a leading investment firm. Bill is a well known broadcaster and commentator, with over 30-years experience working for leading investment banks and brokerages at senior levels. He's been closely involved in the growth and development of the global fixed income markets, and pioneered complex financial products including capital, asset-backed securities and private placements. Increasingly, he's involved in the Real and Alternative Assets sector seeking to explain their complexity, how to generate decorrelated returns, and create liquidity in non-listed assets. Bill is a passionate sailor, talentless painter, plays guitar badly, is learning the bagpipes, and built a train-set in his attic.

Articles by Bill Blain

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