Daily Brief – Business Friendly European Countries

Business friendly European countries

There are over 24 million Small and Medium Sized Enterprises in Europe and collectively they employ 85 million people. The countries rated as being the most friendly or hospitable to new businesses are Ireland, Bulgaria, Netherlands, Sweden and the United Kingdom. Rachel Reeves’ Budget on October 31st will determine whether the UK remains near the top of that table once the breadth and depth of her tax increases become clear.

EUR/USD 1.1048.

EU Unemployment

Just over 13 million people were unemployed in the EU as at end of July of which all but 2 million were in the Eurozone. When it comes to  the Under 25s it is striking that 2.8 million are unemployed in the EU of which all but 600 thousand are in the Eurozone. Another way to look at this is the total number in work in the EU is 197 million which gives an unemployment rate of 6%. Two countries stand out for being in work; Netherlands and Malta. Last but not least the hardest workers are Icelandic men who are reported as spending 48.6 years in work.

EUR/JPY 161.49.

Gold

With the precious metal at a near high of USD 2527 a rather one sided article at the weekend which suggests 3 steps to take: Buy Gold ETFs, Buy Gold Mining Equities, Buy Gold backed digital currencies. No prizes for guessing what kind of company was promoting these steps. And that’s the challenge: to keep the buying interest going at these levels. The question is whether the world’s Central banks can be counted on to continue buying thereby underpinning the price which tends to drifts upwards on the back of retail buying. For the moment those already holding gold look to be protected, but as for new buyers, that is a different story given that all markets including gold are prone to setbacks. One such setback affecting gold would be the Federal Reserve disappointing the market on interest rate cuts.

Raw-Dogging

It may now be September but here is something from the tail end of the silly season. Before getting into this, raw dogging does have another connotation-sexual-but this is nothing to do with that. The latest form of Raw-Dogging is apparently a thing and it involves eschewing films, tv, books, food and even drink both alcoholic and non alcoholic on long aeroplane flights (the longer the better) and sitting up straight fully awake. This fad is particularly popular with young men-especially footballers. Looking at the flight map is permitted even for hardcore Raw Doggers. To be generous this may be an arcane form of meditation to clear the mind and remain free of distractions while flying the world. On the other hand maybe not.

GBP/USD 1.3127.

Little Red Rooster

This day in 1964 the Rolling Stones recorded this Willie Dixon song at Regent Sound Studios in London. Similar in style to their earliest work when they played Chicago blues standards and foundational R&B songs by Chuck Berry and Bo Diddley, the Stones managed to make this number their very own.

I am the little red rooster
Too lazy to crow for day
I am the little red rooster
Too lazy to crow for day

Keep everything in the farm yard upset in every way

The dogs begin to bark and hounds begin to howl
Dogs begin to bark and hounds begin to howl
Watch out strange cat people
Little red rooster’s on the prowl

If you see my little red rooster
Please drive him home
If you see my little red rooster
Please drive him home

I had no peace in the farm yard
Since my little red rooster’s been gone.

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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