Ukraine's government raises crypto worth $8 million in crowdfunding appeal

from Forex News https://www.investing.com/news/forex-news/ukraines-government-raises-crypto-worth-8-million-in-crowdfunding-appeal-2773269
via IFTTT

Nigeria to offer naira incentives to exporters to repatriate dollars

from Forex News https://www.investing.com/news/economy/nigeria-to-offer-naira-incentives-to-exporters-to-repatriate-dollars-2773164
via IFTTT

Key economic reports and events for the week ahead

Russian’s special operation in the Donbas, which then spread to the whole of Ukraine, shocked the world community. The wave of risk aversion that began with the collapse of the Russian stock market also affected European and US equities, causing a moderate bearish pullback. Investors reduced their expectations of aggressive actions by central banks. Commodity prices, on the contrary, jumped due to fears that Western sanctions against Russia would affect commodity exporters and cause supply shocks.Nevertheless, reports began to appear on Friday that Russia and Ukraine could sit down at the negotiating table, which allowed the markets to breathe a sigh of relief. Commodity markets pulled back, gold and oil prices weakened. Major currency pairs won back part of the fall against the dollar.Next week, the focus of the markets will obviously remain on military operations in Ukraine, as well as the prospects for negotiations with the Russian Federation. This is the key to rapid de-escalation. From economic reports, attention should be paid to the ADP report on Wednesday and the NFP report on Friday. On Tuesday and Thursday, the interest rate decision will be made by the RBA and the Bank of Canada, all the attention on the assessment of geopolitical risks and their impact on policy. In addition, the head of the Fed, Powell, will speak on Thursday, and the ECB will release the minutes of the last meeting on the same day, which will clarify the prospect of the Central Bank to start tightening the screws in response to a marked increase in inflation pressures in first two months of 2022.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/key-economic-reports-and-events-for-the-week-ahead-27-02-2022"
via IFTTT

Guo Wengui: a Manhattan caper worthy of a spy thriller

When it comes to nautical notoriety, the Lady May, a 151-foot aluminium superyacht registered under the Cayman flag, is not quite up there with Robert Maxwell’s Lady Ghislaine. But it is getting there. The vessel, owned by the exiled Chinese billionaire, Guo Wengui – an ally and business partner of Steve Bannon, Donald Trump’s political strategist – was the scene of Bannon’s dramatic arrest in August 2020 on fraud charges. Now it is the centrepiece of Guo’s fight for financial survival, says Bloomberg. Earlier this month, a New York court ordered the businessman to pay $134m in fines “for moving and keeping the yacht out of reach” of his US creditors. Guo responded by filing for bankruptcy protection last week.  

A useful bargaining chip

Litigation has become something of a way of life for Guo (also known as Kwok Ho Wan and Miles Kwok), a property developer turned prominent critic of the Chinese Communist Party (CCP), who fled the country in 2014 to seek asylum in the US, says The Wall Street Journal. On landing in New York, he bought a sumptuous 15-room condo on top of Fifth Avenue’s Sherry-Netherland hotel (now up for sale at $45m), set up a series of small media companies, and began waging a very public crusade to expose the corruption and scurrilous goings-on at the top of the CCP. Despite Guo’s somewhat comedic appearance – he posed for photographs clutching a white Persian cat like the Bond villain Blofeld – his actions had big consequences, says the Financial Times. In 2017, “China’s most aggressive dealmaker”, HNA (then ramping up its Western interests with stakes in Deutsche Bank and the Hilton hotel chain), was stopped in its tracks after a series of explosive but unsubstantiated claims shone an unwelcome spotlight on its affairs.

Guo alleged, via live video stream, that HNA was “secretly owned” by Wang Qishan, the party’s top anti-corruption official and a close associate of president Xi Jinping, along with salacious details about Wang’s love life. An increasingly rattled Beijing responded with first an Interpol red alert for his arrest, and then an attempt to woo him back by promising to unfreeze his assets in China. Trump reportedly considered deporting him, but was persuaded that Guo was a useful “bargaining chip” in his wider stand-off with Beijing, says The Wall Street Journal. By then Guo had been adopted as something of a mascot by “China hawks” like Bannon.

A real-life spy thriller

Given his own mysterious background, it isn’t surprising that Guo has attracted plenty of conspiracy theorists himself, says Politico. “Many basic details of his biography…remain hazy.” Born roughly 50 years ago in either Shandong province, or the Jilin province (reports differ), he made a fortune from the construction boom around the 2008 Olympics, developing “a reputation for playing hardball” by smearing anyone who stood in his way. Guo owed his rise to links with top officials, but a move into finance prompted his apparent downfall, says the FT. He quit China after a major clash at the prominent securities firm Founder Group. China later accused him of involvement in at least 19 major criminal cases, involving bribery, kidnapping, fraud and rape.

Is Guo who he says he is? Some doubt it, including US research firm Strategic Vision (which he hired, then fired); it alleged in 2019 that he is in fact a Beijing-backed spy – a “dissident hunter”, posing as “a dissident”. Those claims, while vigorously denied, have rather taken the shine off Guo’s US media career. But right now, money and legal worries dominate. Last September, three of his companies, including GTV Media (where Bannon is a director), were forced to pay $539m to settle charges of illegal securities and cryptocurrency sales. Guo’s murky backstory and “Manhattan caper” is “worthy of a spy thriller”, says the WSJ. There may be more chapters to come.

from Moneyweek RSS Feed https://moneyweek.com/economy/people/604501/guo-wengui-profile-manhattan-caper-worthy-of-a-spy-thriller
via IFTTT

Let’s adjust to living with Covid and get Britain back to work

Two long years after the first cases of Covid-19 were reported in the UK and the pandemic is now, to all intents and purposes, over. With infection rates down and vaccination reducing the number of deaths and hospitalisations, we can accept that Covid-19 is, for most of us, a mild virus that will probably circulate forever. We can get back to normal again, yet companies are still struggling to do so.

Many offices are still half-empty and staff reluctant to go back to their desks five days a week. Businesses are still fobbing off their customers with lame “because of Covid-19” excuses. The public sector is still operating in second gear, with simple tasks such as driving tests taking months to book. Many universities are still teaching remotely, trade shows are cancelled, and training and new projects on hold until the outlook clears. 

Dust off the suit 

That may have been understandable at the height of the pandemic, but two years on, we are starting to see the dire effect it has had on the economy. The truth is most people are more productive in a suit than they are in their PJs (the UK has more people in work than ever, but we are producing no more than we did in 2019, so output per person has clearly fallen). Many firms have become relaxed about lowering their standards of service simply because they know customers have little choice but to accept it. And there is very little sign of dynamism from most major businesses – the tech giants raced ahead in lockdown and a handful of new stars emerged, but overall there are more zombie corporations than ever kept alive by cheap debt and subsidies. 

With the government ending its restrictions, this is surely the right week for the private sector to adjust to “living with Covid-19” as well. There are three places it could start. First, companies could insist that their people come back to the office full-time. True, many might be reluctant, and might have convinced themselves that they can be just as productive perched on the edge of the kitchen table as they ever were on the 20th floor of a skyscraper. In that case, they should negotiate their contracts so they can work flexibly, and they shouldn’t have any trouble convincing their employer to let them carry on. After all, no one wants to pay for expensive office space if people don’t work as well there. But there shouldn’t be any automatic assumption that they can simply carry on working from home without being able to clearly demonstrate it is more effective. 

“Due to Covid-19” not accepted anymore

Second, firms should benchmark themselves against 2019. They should be achieving the same delivery times, output levels and rates of growth as they were when none of us had even heard of Covid-19. There is no reason why phones should not be answered promptly, why orders should not be delivered on time, or why staff should not be trained in new skills. If the pandemic hadn’t got in the way, we would have expected productivity to have advanced 3% or 4% over the last couple of years, even at the UK’s generally fairly miserable rate of growth. We should try to make up some of that lost ground. 

Finally, all the projects and investment that were put on hold during the pandemic should be relaunched as quickly as possible. Advertising campaigns should be refreshed, new designs rolled out and new branches opened. There is lots of pent-up demand so long as the supply is there to meet it. Everyone wants to go out and start enjoying life again. Many businesses need to re-energise themselves to take advantage. 

The reality is that Covid-19 was destructive of the work ethic. Lockdown and working from home has made everyone sluggish, hollowed out teams that used to work well together, and undermined corporate culture and morale. The performance of the economy has steadily deteriorated. The important task now is to make sure that is not permanent. The UK is one the first countries to end all restrictions. It should end the excuses as well, encourage business to up its game and recapture the growth we have lost over the last two years.  

from Moneyweek RSS Feed https://moneyweek.com/economy/uk-economy/604492/lets-adjust-to-living-with-covid-and-get-britain-back-to-work
via IFTTT

Ukraine conflict keeps energy prices elevated as risk of supply disruptions remains high

Gas prices in Europe fell sharply in the course of trading session on Friday. The price of March futures in the European TTF hub in Netherlands plunged by 27% to $1,148 per 1,000 cubic meters on the ICE exchange as fears of Europe’s energy supply outages due to Ukraine conflict receded.Gas prices in Europe soared to as much as $1,600 per 1,000 cubic meters the day before — for the first time since December 23, 2021. Futures on natural gas at the auction on February 24 rose by more than 60%.Russian’s biggest gas producer Gazprom cooled market anxiety on Friday announcing that Ukraine’s gas pipeline is operating normally and there are no supply disruptions. The company's press service said that gas supplies to Europe are in line with the requests of European consumers - 103.8 million cubic meters. However, the risk of disruptions in gas supplies to Europe remains high which is likely to keep pressure on European equities as well as Euro in the near-term.

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/ukraine-conflict-keeps-energy-prices-elevated-as-risk-of-supply-disruptions-remains-high"
via IFTTT

Credit Suisse data leak reveals Swiss banks are home to scores of criminals’ loot

A massive data leak from the Swiss banking giant Credit Suisse has revealed details of 18,000 bank accounts, and 30,000 account holders, stretching back decades and holding more than $100bn in all. Some of the account holders are individuals, others are corporations, and 160 nationalities are represented. The sums involved are vast: the average account held about CHF7.5m at its largest point (about £6m, or more than $8m), and more than a dozen held more than $1bn. The anonymous leaker, who is a current or former employee of the bank, approached the Suddeutsche Zeitung journalists behind the Panama Papers and Pandora Papers data dumps over a year ago. Since then a team of journalists from an international consortium of newspapers (including The Guardian and The New York Times) has been investigating and checking the data – and this week published a selection of findings.

What did they discover?

That scores of criminals, kleptocrats and other assorted shysters have been accepted by Credit Suisse as clients. Eduard Seidel, a top executive with Siemens in Nigeria, had accounts containing tens of millions of Swiss francs, and still had them almost a decade after he was exposed in a major corruption scandal. Ronald Li Fook, the chairman of the Hong Kong stock exchange, opened an account a decade after being jailed for taking bribes. Rodoljub Radulovic, a boss of one of eastern Europe’s biggest cocaine-smuggling cartels, was allowed to open an account despite a long history of financial scandals in the US, and used it to launder drug money, according to Serbian prosecutors. Muller Conrad Rautenbach, a corrupt mining magnate subjected to US and EU sanctions, was given a Credit Suisse account even after the UN flagged up his involvement in corrupt deals. Other clients included the sons of Egyptian dictator Hosni Mubarak and Nursultan Nazarbayev, the kleptocratic leader of Kazakhstan. This is probably not surprising. But it’s still grim that a major financial institution lets clients stash away laundered or stolen assets. The anonymous leaker specifically blames Swiss legislators for permitting an “immoral” situation that “enables corruption and starves developing countries” of tax.

What does Credit Suisse say?

It rejects allegations of wrongdoing or lack of due diligence and says that the matters raised are “predominantly historical”. It says that around 90% of the bank accounts covered by the leaks are now closed or “were in the process of closure prior to press enquiries” – and that 60% of those were closed prior to 2015. Yet the “Suisse Secrets” are far from the only scandal involving the bank in recent years. Earlier this month, for example, it became the first Swiss bank in the country’s history to face criminal charges. In a 500-page indictment, the bank has been accused of failing to conduct adequate checks on members of a Bulgarian mafia and drugs smuggling gang who used the bank to launder millions of euros between 2004 and 2008.

Why is Swiss banking so “secret”?

The tradition dates from the late 17th century, when France’s Catholic kings began using the banks in Geneva – a French-speaking city-state just across the border – to conceal their dealings from France’s own Protestant-dominated banking system. By 1713, the city authorities in Geneva had developed rules banning bankers from revealing details of their clients. That centuries-old code of silence was enshrined in law by the modern Swiss state in 1934, with its infamous Banking Law, which compels bankers to keep schtum. That law was originally designed to contain mounting international concern over Switzerland’s involvement in tax evasion. But it had the effect of attracting despots, thugs and tax evaders for decades to come. The law is still in place today, and breaches carry a five-year prison term. Indeed, in 2015, the law was actually strengthened, so that it now applies not just to bankers and other insiders, but to any third party who “reveals” or “exploits” a secret from within a Swiss bank. That’s got journalists spooked, and no Swiss papers risked publishing this week’s leaks.  

Didn’t the Swiss agree to open up?

Up to a point. In its statement rejecting the leaker’s claims, Credit Suisse says the leaks are designed to discredit both the bank and “the Swiss financial marketplace, which has undergone significant changes over the last several years”. The changes referred to are those agreed in 2014, and enacted in 2018, when Switzerland agreed to join around 100 countries to sign up to a global exchange of information about their respective taxpayers for the first time. In signing up to the so-called common reporting standard (CRS), Switzerland was bowing to years of concerted international pressure (and gigantic fines from US regulators) that had intensified since the financial crisis of 2007-2008. The move all but ended the allure of Swiss secrecy for tax-evaders from rich developed countries. But there’s an important caveat.

What’s the caveat?

More than 90 countries, including many lesser-developed economies, are not part of the deal. For them, “nothing has changed”, according to Sebastian Guex, a banking professor at Lausanne. “Swiss bankers are still helping the wealthy in those countries to hide their assets form the tax authorities in their own countries.” Banking secrecy is not dead, argue critics – it has merely morphed into a so-called “zebra strategy”, in which Swiss banks are closing the door to dodgy money from rich industrialised nations, but left the door open to the rest of the world. Meanwhile, other financial centres that offer significant secrecy benefits to the super-rich have grown in importance – such as Singapore, dubbed “the new Switzerland” by Andy Xie, the ex-Morgan Stanley chief Asia economist, and London. Switzerland has been famed for discreet bankers for more than 300 years. But these days, it’s one player among many.

from Moneyweek RSS Feed https://moneyweek.com/economy/604497/credit-suisse-data-leak-reveals-swiss-banks-are-home-to-scores-of-criminals-loot
via IFTTT

UKOil: OPEC Refuses To Play This Game

UKOil, Weekly

US President Biden and his allies’ new sanctions against Russia became a turning point for most currencies and stock markets yesterday, though the risk-off mode has turned neutral for the time being. The Pound and the risk sensitive Euro plunged over 250 pips, hitting daily lows, although the daily close recovered some of the losses.

However, gas prices proved to be far more sensitive and recorded huge increases. Russia’s ongoing invasion of Ukraine adds to the concerns of market participants about world gas supplies, especially in Europe, which relies on Russian natural gas. Energy imports to the EU from Russia as a share of total imports to the EU from Russia decreased by 5.9 percentage points (pp) from 61.6% in 2017 to 55.7% in 2020 but increased sharply to 65.5% in the first semester of 2021. Hence if the supply is eroded, it is not impossible that the energy crisis could hit harder.

According to BP Statistics Review, Russia has a 25.3% share of the world’s natural gas export market, which means it has enough power to move the price of natural gas. In addition, Russia is the second largest natural gas producer in the world with a contribution of 16.6% of natural gas production in 2020.

In addition, Petroleum prices could also be further affected by increased concerns and a prolonged invasion, although some countries have decided to use up their oil reserves. Brent crude futures are holding at $100 a barrel at the time of writing following a dramatic session that saw the British benchmark hit $105 before giving up gains.

Oil previously pared most of its gains, as US president Joe Biden rolled out new sanctions against Russia but made it clear that Western powers are unwilling to sacrifice their own economies to punish Moscow. Biden also addressed the issue of energy supply, saying the US would work with other major consuming nations on a coordinated release of reserves. Japan and Australia have indicated they may be part of an international reserve release, but China has said it has no immediate plans to intervene in the oil market. Meanwhile, US crude stockpiles continued to fall, nearing critical levels that could spur further oil gains.

Technical View

UKOil maintains the 10-week gain that began in December 2021. Technically, the weekly chart has confirmed the inverted head and shoulder pattern since breaking the $86.66 structural resistance in January. The price cycle is also clearly depicted on the CCI (50) and MACD indicators, from when the midline crossing occurred in November. For some time to come, it is believed that the price of this asset will experience high volatility. Temporary resistance is the peak formed yesterday (Thursday) at $105.74 and it is likely that investors will tend to pay attention to political developments in Northern Europe, so that the $100.00 price level will still be the general benchmark. At the bottom support comes from $92.52.

Alongside fears that a break of the $105.74 resistance to $115.00 and $130.00 could trigger an energy crisis, especially in Europe, there is also hope that oil-producing countries that are members of OPEC will intervene in price spikes by increasing their production even more if Russia cuts its oil exports. However, this looks unlikely as a number of officials from OPEC member countries have stated that there is no urgent need to increase production even higher, even though Brent has penetrated the level of US $100.

Click here to access our Economic Calendar

Ady Phangestu

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distribution.

from HF Analysis /314579/
via IFTTT

Market Update – February 25 – Volatility was the only real winner!

Stock market sentiment started to stabilise overnight after Wall Street closed up from session lows. US futures are in the red though, led by a 0.8% drop in the USA100, and as officials in Europe and the US announce stiff sanctions for Russia, traders are also mulling what that means for Europe. Higher energy prices clearly are one thing and Brent is still holding above the $100 per barrel mark this morning. Russia’s oil exports seem to have been spared for now, while allies blocking access of the Swift payment system is also a possibility should a further escalation of sanctions become necessary.

• USD settled lower below 97.00 (USDIndex 96.86).
• China’s PBOC made a large liquidity injection. China’s central bank injected net 290 billion yuan via seven-day reverse repo operations today. That is the largest amount since September 2020 and according to the PBOC is designed to keep liquidity stable over the month end. The wild ride in global stock markets may have contributed to the move as external pressures, including the rise in oil prices, will add to existing problems, including the slump in the property markets and Covid related restrictions. The combination will likely keep the PBOC on an easing path.
• The VIX slid back to the 28.50 region after spiking to 37.79.
• US Yields – 10-year is down -0.3 bp at 1.96%, while the 10-year JGB rate has lifted 2.0 bp to 0.203% and yields are also higher in Australia and New Zealand.
• Equities – GER30 and UK100 futures are currently up 1.65% and 1.2%. JPN225 gained nearly 2% and the CSI 300 is currently up 0.8%. USA100 round tripped, bouncing 3.35% higher after tumbling -3.4%, while USA500 recovered to post a 1.59% gain from a -2.6% drop, with USA30 rising 0.28% versus a -2.6% morning drop.
• USOil –  fell back to $89.60 lows after hitting 7-year highs of $100.50 ahead of the open. Currently at $93.70.
• Gold – tumbled from a $1974 high down to the $1885 area.   
• Bitcoin back above PP at  $37,700.
• FX markets – EURUSD at 1.1210 from 1.1110 low, USDJPY back above 115.15, Cable breached 1.3438.

European Open – Europe’s reliance on Russian oil and gas comes at a price and will be something officials need to address urgently, although there is of course no quick solution, which means consumers will feel the pain of even higher energy costs. The jump in the cost of living is already depressing consumer confidence, and after the disappointing German GfK consumer confidence reading earlier in the week, the UK’s numbers overnight looked equally depressing. The pressure on central bank to step in will remain then, even against the background of the crisis in Ukraine.

DATA: German Q4 GDP revised up markedly – to -0.3% q/q from -0.7% q/q reported initially. German import price inflation hit 26.9% y/y in January, another higher than expected number that is likely to explode in coming months when the jump in oil prices is reflected, as it seems extremely unlikely that oil prices will go down very quickly in light of Russia’s invasion of Ukraine. European gas prices exploded yesterday and are also likely to remain very high, which means more pain for consumers ahead, as the cost of living explodes.

Today – Today’s data calendar includes detailed German GDP, preliminary French inflation numbers, the Eurozone ESI confidence reading, US PCE, Durable Goods and Michigan index. EU and ECB officials are set to hold a presser today, likely detailing some sanctions against Russia and their implementation.

Biggest FX Mover @ (07:30 GMT) USDRUB (+1.18%) spiked to 22.30 from 21.99 on EU open. MAs bulishly crossed, MACD signal line & histogram remain close to 0 line, RSI 64 & rising. H1 ATR 0.0622, Daily ATR 0.2683.

Click here to access our Economic Calendar

Andria Pichidi

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distribution.

from HF Analysis /314520/
via IFTTT

ETHUSD, H4 | Potential Bearish Continuation

Type: Bearish ReversalKey Levels:Resistance: 2836Pivot: 2747Support: 2334Preferred Case:On the H4, Price is near pivot level of 2747 in line with our horizontal swing high resistance and 50% Fibonacci retracement. Price can potentially dip to the graphical overlap support of 2334 in line with the swing low support. Our bearish bias is supported by the ichimoku cloud indicator as price is trading below it. Alternative Scenario:Alternatively, price can go to our 1st resistance level of 2836 in line with the horizontal overlap resistance and 61.8% Fibonacci retracement is

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/ethusd-h4-or-potential-bearish-continuation"
via IFTTT

Lexus NX – a refined and smooth SUV

Lexus, Toyota’s luxury division, is a “hybrid-tech stalwart”, says Richard Ingram in Auto Express. Aside from its V8-engine RC and LC sports cars, every model is available exclusively with electrified powertrains. This new NX SUV is no different. Made for cruising in exceptional comfort, the car is “smooth and refined, beautifully built, and even without a usable zero-emissions range, could genuinely slash your fuel bills”. The NX is Lexus’s bestselling model in the UK – and “on this evidence, will continue to be for some time to come”.

It’s a car built for comfort over raw power, but it is no slouch, with a combined engine and electric motor punch of 244bhp, delivering a 0-62mph time of just 7.7 seconds, says Rory White on YesAuto. It’s grippy through the bends too, and the ride smooth, the suspension absorbing the bumps nicely, says Tyler Duffy in Gear Patrol Magazine. It is exceptionally quiet at low speeds, too: “I didn’t notice I was driving through 30mph wind gusts until I looked up and saw a flag pole”. The car can glide along at low-speeds on battery power alone, allowing you to trickle along in slow-moving traffic at very low cost, says Neil Winn in What Car. In good conditions you can expect a fuel consumption of around 47mpg. The NX may not be as flashy as Jaguar’s or Mercedes’s rival offerings, but there’s a subtle charisma to its aesthetic that can’t be found elsewhere, even in older Lexus models. 

Inside, the cabin has been significantly updated, says Jonathan Crouch in RAC. The interior features a 9.8-inch screen – which can be upgraded to a 14-inch Lexus Link Pro set-up – and touch-sensitive buttons on the steering wheel, and is all modelled according to Lexus’s Tazuma design philosophy – a “human-centric” principle intended to make driving cars as straightforward as possible, using high-quality materials and a dashboard that curves towards the driver’s seat. In short, the Lexus NX offers a sophisticated and grown-up driving experience that few rivals can match. Prices start at £48,800.

from Moneyweek RSS Feed https://moneyweek.com/spending-it/cars/604490/lexuss-refined-and-smooth-nx-suv
via IFTTT

Travel: come ye to Hampton Court

“Why come ye not to court?” asked 16th-century poet John Skelton, who noted that, while the King’s court “should have the excellence”, Hampton Court, then owned by Cardinal Thomas Wolsey, “hath the pre-eminence.” So it’s perhaps little surprise that Wolsey was in due course “persuaded” to hand it over to Henry VIII.

Today, you can take a tour of the former royal palace, encompassing both the original Tudor buildings (including the kitchens), and Christopher Wren’s baroque wing that was commissioned by William and Mary. You can also see the gardens where William of Orange met his nemesis in the form of a mole, who would become famous as the “little gentleman in velvet” whose mound was the cause of his downfall and eventual death while horse riding.

Bushy Park: wildlife haven

King Henry VIII did not just take over Hampton Court, but also established three nearby parks – Hare Warren, Middle Park and Bushy Park – for hunting. Today’s Bushy Park encompasses all three sites, and is the second-largest royal park in London, at 1,100 acres. Although the only private hunting allowed today is from the barrel of a telephoto lens, it’s estimated that the park has around 320 deer. It is also home to a variety of wildlife, avenues of mature trees and a 60-acre woodland garden, and has been designated a Site of Special Scientific Interest.

© Matthew Partridge

Hampton Court may have been the house of kings, but if you’re interested in the “sport of kings” then you should pay a visit to Sandown Park Racecourse, a short taxi ride away. On a typical year Sandown runs 26 meetings, including both flat and jump racing. Bookmaker Barry Johnson, which has been operating for 55 years, says that Sandown is “famous for the quality of racing and the stiffness of the ground, which you need to take into account when reading form”. The nearest station is Esher, from which regular trains run to London Waterloo.

Mitre Hampton Court: a charming inn

By the 17th century Hampton Court had become such a centre of royal life that the number of courtiers and visiting dignitaries was more than it could accommodate. As a result, King Charles II ordered that a “hostel for visitors to the Palace” be created opposite. Today, the Grade II-listed inn is known as the Mitre Hampton Court. Bought at the start of 2020 by The Signet Collection, founded by Hector Ross and Ronnie Kimbugwe, the inn was refurbished during the first lockdown, with the help of internationally acclaimed designer Nicola Harding. Harding’s aim was to create a hotel that combined tradition and modernity, with the standards that today’s luxury travellers expect in the bedrooms and public areas, while “retaining the best of British hospitality”, as Francois Plougonven, the front of house manager, puts it. Looking at the room I stayed in (named after Henry’s son, King Edward VI), they have certainly succeeded. It has a charming country house design, complete with a mini library, bath and shower room. There were also plenty of little touches, including an invitation to enjoy a complimentary drop of ginger liqueur.

1665 and the Coppernose: two excellent restaurants

The inn has two restaurants, both the brainchild of Kimbugwe, who trained under Gordon Ramsay, and run on a day-to-day basis by senior sous chef Simon Dyer, who was the executive head chef on Richard Branson’s Necker Island. The 1665 restaurant is the more formal riverside eaterie, ideal for a dinner at the end of a day’s sightseeing. I was impressed by the tempura whitebait followed by a pan roast Cornish monkfish with truffle and parmesan fries, washed down with an elegant glass of house white. 

If you were looking for somewhere to take your family on a Saturday night, however, you might want to consider the Coppernose, the relaxed, dog-friendly café and wine bar. It’s also a great place to enjoy a hearty English breakfast while reading the morning papers. Its full English, available in either half or full portion, consists of crispy streaky bacon, wild boar and apple sausage, roasted mushrooms and slow-cooked baked beans. 

The Mitre is also available for parties, weddings and business events, with the Orangery accommodating up to 70 guests for a wedding breakfast and evening reception. It also hosts a monthly supper club. 

Matthew was a guest at the Mitre Hampton Court. Classic rooms start from £200 a night, mitrehamptoncourt.com

from Moneyweek RSS Feed https://moneyweek.com/spending-it/travel-and-holidays/604488/travel-mitre-hampton-court-palace
via IFTTT

Daily Market Outlook, February 25, 2022

Daily Market Outlook, February 25, 2022 Overnight Headlines Russia Bombs Ukrainian Capital City Of Kyiv In The Early Morning Russia ‘Unlikely’ Achieved Military Goals In First Wave Of Invasion World Leaders Divided On Whether To Eject Russia From SWIFT China Refuses To Condemn Russian Attack, Deflects Blame To US PBoC Makes Biggest Weekly Cash Injection Since Jan 2020 CPI In Japan's Capital Perks Up, Ukraine Crisis To Add Pressure New Zealand’s C. Bank Aims To Raise Rates As Quickly As Possible Fed's Waller: 'Strong Case' For 50 Bps March Hike If Data Is Hot UK Consumer Confidence Hits 13Mth Low On Surging Living Costs China's Yuan Set For Third Straight Weekly Gain, Despite Invasion Bitcoin's Equity Correlation Rises As Crisis Whipsaws Crypto Market Oil Prices Surge As Russian Invasion Of Ukraine Rings Supply Alarms Asian Shares Mostly Rise, US Futures Slip; Markets Eye Ukraine RiskThe Day Ahead Stock markets staged some recovery in Asia despite a series of targeted sanctions announced by the West yesterday in response to Russia’s military offensive in Ukraine (reports suggest that forces are near the Ukrainian capital Kyiv). The sanctions include restrictions of exports of high-tech goods, limits on Russia’s access to western capital markets and restrictions on some wealthy individuals with links to the Kremlin. The measures, however, did not extend to cutting Russia from Swift, the global payments system. President Biden indicated that the US will release additional oil reserves as needed to cushion the economic impact. China’s central bank also provided additional liquidity to its banking system, which may have supported market sentiment. The simultaneous impact of higher global energy prices in increasing inflation and reducing economic growth is likely to further complicate the monetary outlook for major central banks. Even before the Russian invasion of Ukraine, UK GfK consumer confidence data released overnight showed a sharp fall to -26 from -19, the lowest since the start of 2021, with households becoming more pessimistic about their finances and the economy. Ahead today, the key economic data release is the US Fed’s preferred inflation measure, the personal consumption expenditure (PCE) deflator, which is expected to show another rise in annual headline inflation in January to over 6%, its highest for almost forty years. That would mirror the rise already seen in the CPI inflation measure to 7.5%. Given the further rise in global oil prices, expect a further increase in annual inflation rates in the coming months. In the Eurozone, the economic sentiment index is forecast to have improved in February, helped by rises in industrial and services confidence. The results, however, will have not captured the impact of Russia’s invasion of Ukraine. Earlier this morning, France released HICP inflation showing a bigger-than-expected rise to 4.1% in February from 3.3%. Next week’s Eurozone flash CPI estimate is forecast to show a rise in annual inflation from January’s 5.1%, with further increases in train especially after the recent surge in European natural gas prices. BoE Chief Economist Huw Pill is scheduled to give closing remarks on the final day of the Bank’s annual conference on the monetary toolkit. ECB President Christine Lagarde is also due to speak after today’s Eurogroup meeting. Asian stock markets mostly recovered some ground, with the Nikkei up nearly 2% and Chinese stocks also higher. UK equity futures are positive. Brent crude oil has fluctuated significantly, peaking above $105 a barrel yesterday before falling below $100. It has risen back above $100 overnightG10 FX Options Expiries for 10AM New York Cut(Hedging effect can often draw spot toward strikes pre expiry if nearby (P) Puts (C) Calls ) EUR/USD: 1.1200-10 (1.65BLN), 1.1225 (649M) 1.1245-55 (1.6BLN), 1.1260-70 (782M)1.1275-80 (620M), 1.1285-00 (4.38BLN), 1.1315-25 (1.28BLN) 1.1330-40 (1.2BLN), 1.1345-50 (690M), 1.1375-85 (980M) 1.1395-1.1410 (647M), 1.1425-35 (1.04BLN), 1.1455-60 (390M) USD/JPY: 113.45-55 (915M), 113.65-75 (940M) 113.90-00 (875M), 114.30 (388M), 115.0 (375M) 115.25 (570M), 116.00 (441M), 116.15-20 (510M 116.40 (1.39BLN) EUR/GBP: 0.8350-55 (520M). USD/CHF: 0.9300-10 (985M) USD/CAD: 1.2605-50 (975M), 1.2850-55 (395M) AUD/USD: 0.7125-30 (1.04BLN), 0.7140-50 (575M) 0.7225-35 (3.2BLN), 0.7250 (388M), 0.7270 (483M)Technical & Trade ViewsEURUSD Bias: Bearish below 1.15 Bullish above EUR/USD back from the brink, positive close and interesting low EUR/USD rallied late on Feb 25 rising from 1.1106 low to close 1.1192 Today's range 1.11865-1.1228 Today's 1.11865 low matches the 61.8% retracement of 1.0340-1.2556 rise 1.1186 was the 2021 low Rebound may encourage traders to reestablish longs or add to losing bets The trapped nature of EUR/USD is related to SNB intervention Rebalancing of SNB intervention will weigh on strength If Turkey opts to rebuild reserves, it may also sell EUR/USD Sustained EUR/USD gains remain a low probabilityGBPUSD Bias: Bearish below 1.36 Bullish above. Risk appetite leads – data poses problems for BoE +025%, with the U.S. dollar a touch softer with buoyant Asian stocks Biggest UK consumer confidence drop since start of pandemic UK sees fastest wage rises in sectors reliant on EU workers Combination of falling sentiment and inflationary pressures quandary for BoE Charts; momentum studies, 5, 10 & 21 day moving averages edge lower 21 day Bollinger bands contract - neutral setup has turned negative Targets 1.3166-75 longer term, Dec 2021 low and 38.2% 2020-2021 rise Close above 1.3488 recent range low would end the downside biasUSDJPY Bias: Bullish above 114.50 Bearish below USD/JPY, JPY crosses off some from late New York highs, Ukraine news Risk mood better after Wall Street rise but Russia-Ukraine still weighs Nikkei down from early highs but still +1.4% on day @26,355 USD/JPY 115.62 to 115.18 EBS despite decent Gotobi Tokyo fix demand Still well above 114.41 low in late Asia/early London yesterday Massive option expiries today on 114, total 2.9 bln 114.00-70 Also 115.15-40 total $675 mln, 116.00-10 above total $602 mln US yields also firmer but off overnight highs, Tsy 10s last @1.952%AUDUSD Bias: Bearish below 0.7250 Bullish above AUD/USD whips back up; US inflation data the next cue AUD/USD whips back up to 0.7196 from day low 0.7139 Premature to count on further rise, but potential exists Would also cross over 38.2% Fibo resistance 0.7208 That creates a opening for another test of 100 DMA 0.7239 As Ukraine uncertainty persists, US CPI later might be next cue

from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/daily-market-outlook-february-25-2022"
via IFTTT

Wine of the week: an exquisite and evocative French syrah

2020 Crozes-Hermitage Rouge, Maison Les Alexandrins, Northern Rhône, France 

£29.70, hedonism.co.uk

The 2020 Rhône Valley offers are whizzing around the wine world like racing pigeons. One eminent wine merchant tells me that, in spite of this annual flurry of activity, the Rhônes En Primeur season is often a veritable damp squib, sandwiched each year by the frenzied bun fights of Burgundy EP in January and Bordeaux EP in April/May. This is a great shame because, unlike the aforementioned mega-regions, the Rhône still manages to offer world-class wines at affordable prices. While I know keen fans will sink their teeth into their favourite wines, I thought I would sound the alarm from this page with a wine that you do not have to wait to buy or indeed drink. If any wine will rev you up to the joys of elite French syrah, then this is it!  

After the unusually warm 2018 and 2019 vintages, the latter affected with severe hail damage in parts, 2020 was a year in which the vignerons had to nurse their oft-damaged vines back to health. It was a vintage when precision viticulture paid huge dividends and challenges came thick and fast. Some of the finest wines are made in years like this because minds are focused and talent is acutely reflected in the bottle. 

I nearly dropped my glass when I first tasted this exquisite Crozes. With a brief ten months spent in barrel and a mere 13% alcohol, this expressive syrah, soaked in granite and garrigue, is as aromatic and evocative as many wines twice the price. 

from Moneyweek RSS Feed https://moneyweek.com/spending-it/wine/604491/wine-of-the-week-2020-crozes-hermitage-rouge
via IFTTT