Michael Brown
@MrMBrown

Markets, mostly

 City of London
Joined September 2011
10,699 Photos and videos
I guess it's another day of finding a narrative to suit the price action
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Pretty Huge Problem… 🤷‍♂️
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This whole 'abolish gas standing charges' thing is folly - will cost about £3bln per annum which the Exchequer will be forced to recoup thru higher taxes elsewhere, or thru yet another increase in borrowing...there's no such thing as a free lunch!
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Utterly, utterly moronic.
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If in doubt, zoom out!!
Rya Jetha
@ryajetha
Oct 21
What a lede from @TheEconomist
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Join us at the bottom of the hour...
PiQ
@PiQMarkets
23h
The Morning Blast Podcast with Ryan and @MrMBrown Markets - News - Rants Give it a listen. Market levels to watch via @FuturesTechs nitter.siddz.com/i/spaces/1DxLdZlWzpwxm
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Total UK govt receipts rose 5.2% YoY in September...yet borrowing rose 7.7% YoY over that period...HM Treasury need to wake up and smell the coffee...spending growth outpacing growth in receipts is an unsustainable situation!!
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UK CPI ex-energy 2.6% YoY in Sep, not especially worrisome at all…chuck a sluggish (at best) labour market and v lopsided growth into the melting pot too…Nov BoE hike is inevitable as MPC being bullied into it…but near-certain to go down as a policy mistake…
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Finally!!
LiveSquawk
@LiveSquawk
Oct 20
UK Govt Expected To Approve Jackdaw Gas Field On Wednesday – POLITICO politico.eu/article/governme…
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Huge amount of over-extrapolation going on in the equity space...imo there are v few similarities btwn an unprofitable debt-financed neocloud (e.g. CRWV) and some of the world's most profitable companies (e.g. hyperscalers) building AI thru FCF...contagion fears seem overdone...
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...of course, bad news will always sell...but the jump from 'CRWV bonds have sold-off' to 'the whole financing model is broken' is a massive stretch to me...plus, CRWV is a tiny slice of the overall pie, with the bigger slices of that pie already seeing RoI on their capex anyway
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The AFT Chief saying he hasn't seen Japanese investors selling French debt...

ALT pinocchio GIF
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According to the geniuses at the ONS, the single-month unemployment rate fell from 4.9% in July, to 4.3% in August - that's, frankly, implausible...treat this morning's data with a HUGE pinch of salt!
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Back of the envelope maths - for that fall in unemployment to be legit UK econ would've had to have added about 200k jobs in Aug, last time that happened was immediately post-covid...plus, PAYE payrolls rose just 1k in Aug 2026, so even the ONS' own data doesn't back this up...
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Quite simply, this remains totally unsustainable in every way... ONS - "Annual average regular earnings growth [in August] remained at 6.3% for the public sector and 3.0% for the private sector"
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We appear to have a local councillor moonlighting as Prime Minister…this focus on soundbites & sideshows over substance is utterly risible…
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80% of the YTD gain in the S&P 500 has come on Mondays 🤯
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👇👇
Damian Pudner@DamianPudner
Oct 19
I'm biased, but our weekly @GreatBritishTT macro chat with @marcusashworth & @MrMBrown is informative, irreverent and a little different. What we edit out, esp the swearing/jokes, could fill another episode. Criminally underwatched. Agree @John_Stepek? piped.video/mlFnyNv6fNc?is=ueXE…
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Join us at the bottom of the hour…
PiQ
@PiQMarkets
Oct 19
Morning Blast with Ryan and @MrMBrown Markets - News - Rants Give it a listen. nitter.siddz.com/i/spaces/1mxPaZMOneXKN
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I find this sort of thing as annoying as the next man…but given everything else going on domestically & abroad, this really shouldn’t be the PM’s top priority…
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BTFD works again…quelle surprise 🤷‍♂️
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