IIFT Daily Note with Peter Brown

David’s Daily Note – Taking a step back

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Taking a step back

pierre luiginiSummary

FIFA in hot water in Qatar!
Tactically cautious on EZ risk assets
United States: Yellen keeps her options open
United States: House prices accelerate in December
China: Manufacturing PMI moves back into expansion

 

 

Good morning,

Yesterday, a bomb was dropped on football fans across the world with FIFA proving, yet again, their extreme incompetence. The global football organisation thought the 2022 World Cup in Qatar was not steeped in enough controversy and proposed the tournament take place in the winter months of November and December due to extreme temperatures, as opposed to its usual summer schedule. Qatar is roasting in the summer? Who knew!

This will cause a massive headache for the national European leagues, which run through the winter months, and with European nations supplying 75% of the players in last year’s World Cup, you have to question the sanity of FIFA officials.

Sometimes it’s best to take a step back before making any decisions. Clearly, this would have saved FIFA from selecting Qatar to host the tournament, not to mention the lives of hundreds of migrant workers constructing the stadiums in appalling conditions.

As we will see, the same logic applies to markets!

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Global Macro-Daily Note 25th February 2015

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