Good morning Super Thursday!
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Good morning Super Thursday!

Welcome to Super Thursday! Today may well be the biggest political day of the year, as we see UK voters having their say over the country’s next Prime Minister, Brazil’s electoral court announce whether or not the results of the country’s latest elections are to be declared void, and what might be one of the most anticipated moments in U.S. politics: former FBI director James Comey’s appearance in front of the senate committee to discuss the man that fired him, President Donald J. Trump. And to top it all off, a European Central Bank (ECB) meeting!

Mr. Comey has made it quite clear that he won’t answer the question many people were hoping: that is, did the President obstruct justice by pressuring him to drop his probe into the relationship between Michael Flynn and Russia. But Washington will nonetheless be watching with bated breath, and (according to Bloomberg) Mr. Comey’s comments could well “mortally wound – or salvage – Trump’s presidency.”

While the American President is facing a challenging day, his British counterpart, Theresa May, is facing an even more challenging one. Today, people all across Britain will cast their votes in the country’s general election, deciding whether Ms. May will be returned to power, or replaced by veteran socialist Jeremy Corbyn.

When the election was called weeks ago, May’s Conservative Party had an historic 20-point lead over Corbyn’s Labour Party. Since then, the polls have narrowed dramatically, with some pollsters claiming it’s a neck-and-neck race, and others saying the Conservatives could still be as much as 12-points ahead. While May is still the heavy favourite to win, the outcome may well come down to young voters, who are overwhelmingly behind Mr. Corbyn. The problem for Corbyn is that, historically, they don’t actually make it to the voting booth.

The UK won’t be the only country reporting general election news today, though. Embattled Brazilian President Michel Temer may well face an electoral court decision that his win in the country’s last general election should be declared void due to a campaign financing scandal. For a President who is already struggling to hold on to power, this would be a bad result indeed.

Lastly, we get treated to another European Central Bank meeting. We can expect Dominion’s own chief investment officer, Arjen Los’s, opinions to be reiterated: the European economy is looking pretty good at the moment. Still, don’t expect ECB president Mario Draghi to back off on monetary stimulus quite yet. At his last news conference, he said: “a very substantial degree of monetary accommodation is still needed.”

Disclosure

The opinions in this article do not reflect those of Dominion Fund Management Limited, and in the instance of any forward-looking statements, these should not be construed as advice.


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