Weekly Newsletters
11 September 2020 | William Buckhurst
That Was The Week That Was
MACRO
- In the UK, the prospect of a “no-trade deal” Brexit increased as the government threatened to break international law and disregard parts of its Withdrawal Agreement with the EU
- In a move designed to kick back at recent trade disputes with the EU, China banned pork imports from Germany on the eve of critical trade and investment talks
- Jane Fraser is to become CEO of Citigroup and the first woman to lead a major Wall Street bank
STATISTIC OF THE WEEK
A report from Berenberg showed that over 95% of the world’s hydrogen is currently produced from fossil fuel (grey or blue hydrogen, the difference being that blue involves carbon capture). The hope of many policymakers is that the mix will shift from fossil-fuel-derived hydrogen towards green hydrogen, owing to the improving efficiency and scale of electrolysis, higher carbon taxes, and other government incentives.
COMPANY NEWS
- The technology sector continued to be weak as allegations of fraud at US electric vehicle start-up Nikola were made by a short-selling fund in the US
- Rio Tinto are set to part ways with their CEO, Jean-Sebastien Jacques, following their demolition of the Juukan Gorge caves, some of the most archeologically significant sites in Australia
- LVMH pulled out of its $16.6bn takeover of US jeweller Tiffany after becoming embroiled in trade tensions between Paris and Washington
- AstraZeneca said they were still on track to submit data on its Covid-19 vaccine candidate to regulators before the end of the year
FUNDS
A meeting with an Indian investment trust showed that the return on equity from Indian companies has been on average 17.0% over the last 20 years compared to 12.1% from Asia (ex Japan) and 12.8% from Emerging Markets
THIS WEEK IN HISTORY
2001: 2,900 people lost their lives as terrorists attacked the World Trade Center in New York. Trading on the US stock exchange never opened, and would not reopen again until September 17th
2008: the US government announced its takeover of Fannie Mae and Freddie Mac as a result of losses from heavy exposure to the collapsing subprime mortgage market.
RE-OPENING TIMES
Government responses to the recent spike in Covid-19 cases highlights further devolved decision making across the Union: In England, gatherings of more than six people will be illegal. In Wales and Scotland, children under 12 are exempt; people in Wales will also be able to meet in groups of up to 30 outdoors. While Northern Ireland has taken a more measured approach and not announced any changes to how many people can meet.
MARKET DATA
|
% returns |
1 Week |
1 Month |
1 Year |
5 Years |
|
UK Equities (% return GBP) |
3.97 |
-1.49 |
-16.62 |
17.04 |
|
World Equities (% return GBP) |
1.99 |
2.90 |
5.99 |
92.94 |
|
10 Year US Treasury Yield (%) |
0.67 |
0.64 |
1.75 |
2.20 |
|
GBP / USD (fx rate) |
1.28 |
1.31 |
1.23 |
1.54 |
As at 11th September 2020. Source: Financial Express
This publication has been produced by Vermeer Investment Management Limited (VIM) trading as Vermeer Partners. It is provided for information purposes only. VIM makes no express or implied warranties and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to any data included in this publication. VIM will not treat unauthorised recipients of this publication as its clients. Prices shown are indicative and VIM is not offering to buy or sell or soliciting offers to buy or sell any financial instrument. Without limiting any of the foregoing and to the extent permitted by law, in no event shall VIM, nor any of its officers, directors, partners, or employees, have any liability for (a) any special, punitive, indirect, or consequential damages; or (b) any lost profits, lost revenue, loss of anticipated savings or loss of opportunity or other financial loss, even if notified of the possibility of such damages, arising from any use of this publication or its contents. Other than disclosures relating to VIM, the information contained in this publication has been obtained from sources that VIM believes to be reliable, but VIM does not represent or warrant that it is accurate or complete. VIM is not responsible for, and makes no warranties whatsoever as to, the content of any third-party website referred to herein or accessed via a hyperlink in this publication and such information is not incorporated by reference. The views in this publication are those of the author(s) and are subject to change. VIM has no obligation to update its opinions or the information in this publication. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the client who receives it. Any securities discussed herein may not be suitable for all investors. VIM recommends that investors independently evaluate each issuer, security or instrument discussed herein and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results. This material has been issued and approved for distribution in the UK and European Economic Area by VIM.
©2019 Vermeer Investment Management Limited. All rights reserved. No part of this publication may be reproduced or redistributed in any manner without the prior written permission of VIM. VIM is authorised and regulated by the Financial Conduct Authority (FRN: 710280) and is incorporated in England and Wales (company number: 09081916).
Other Recent Weekly Newsletters
That Was The Week That Was
26 November 2021
That Was The Week That Was
19 November 2021
That Was the Week That Was
12 November 2021
That Was The Week That Was
05 November 2021
That Was The Week That Was
29 October 2021
That Was The Week That Was
22 October 2021
That Was The Week That Was
15 October 2021
That Was The Week That Was
08 October 2021
That Was The Week That Was
01 October 2021
That Was The Week That Was
24 September 2021
That Was The Week That Was
17 September 2021
That Was The Week That Was
10 September 2021
That Was The Week That Was
03 September 2021
That Was The Week That Was
27 August 2021
That Was The Week That Was
20 August 2021
That Was The Week That Was
06 August 2021
That Was The Week That Was
30 July 2021
That Was The Week That Was
23 July 2021
That was The Week That Was
16 July 2021
That Was The Week That Was
09 July 2021
That Was The Week That Was
02 July 2021
That Was The Week That Was
25 June 2021
That Was The Week That Was
18 June 2021
That Was The Week That Was
11 June 2021
That Was The Week That Was
04 June 2021
That Was The Week That Was
28 May 2021
That Was The Week That Was
21 May 2021
That Was The Week That Was
14 May 2021
That Was The Week That Was
07 May 2021
That Was The Week That Was
30 April 2021
That Was The Week That Was
23 April 2021
That Was The Week That Was
16 April 2021
That Was The Week That Was
09 April 2021
That Was The Week That Was
02 April 2021
That Was The Week That Was
26 March 2021
That Was The Week That Was
19 March 2021
That Was The Week That Was
12 March 2021
That Was The Week That Was
05 March 2021
That Was The Week That Was
26 February 2021
That Was The Week That Was
19 February 2021
That Was The Week That Was
12 February 2021
That Was The Week That Was
05 February 2021
That Was The Week That Was
29 January 2021
That Was The Week That Was
22 January 2021
That Was The Week That Was
15 January 2021
That Was The Week That Was
08 January 2021
That Was The Week That Was
18 December 2020
That Was The Week That Was
11 December 2020
That Was The Week That Was
04 December 2020
That Was The Week That Was
27 November 2020
That Was The Week That Was
20 November 2020
That Was The Week That Was
13 November 2020
That Was The Week That Was
06 November 2020
That Was The Week That Was
30 October 2020
That Was The Week That Was
23 October 2020
That Was The Week That Was
16 October 2020
That Was The Week That Was
09 October 2020
That Was The Week That Was
02 October 2020
That Was The Week That Was
25 September 2020
That Was The Week That Was
18 September 2020
That Was The Week That Was
11 September 2020
That Was The Week That Was
04 September 2020
That Was The Week That Was
28 August 2020
That Was The Week That Was
21 August 2020
That Was The Week That Was
14 August 2020
That Was The Week That Was
07 August 2020
That Was The Week That Was
31 July 2020
That Was The Week That Was
24 July 2020
That Was The Week That Was
17 July 2020
That Was The Week That Was
10 July 2020
That Was The Week That Was
03 July 2020
That Was The Week That Was
26 June 2020
That Was The Week That Was
19 June 2020
That Was The Week That Was
12 June 2020
That Was The Week That Was
05 June 2020
That Was The Week That Was
29 May 2020
That Was The Week That Was
22 May 2020
That Was The Week That Was
15 May 2020
That Was The Week That Was
08 May 2020
That Was The Week That Was
01 May 2020