Weekly Newsletters
25 September 2020 | William Buckhurst
That Was The Week That Was
MACRO
- In the UK, the Purchasing Managers’ Index for September fell to 55.7, from a 72-month high of 59.1 in August, as business leaders reported a fall in optimism and consumer confidence
- The government declared the end of the UK’s rail franchising system in the UK as it unveiled a rescue deal to keep train operating companies afloat for the next 18 months
- NS&I said it was cutting rates on its popular income bonds which will fall from 1.15% to 0.01%, while the odds on Premium Bond prize funds will also fall
STATISTIC OF THE WEEK
The UK government borrowed £35.9bn in August, a record high for August, and the third highest monthly borrowing on record. Borrowing for the first five months of the financial year has now surpassed the entire annual total in 2008 at the peak of the financial crisis
COMPANY NEWS
- HSBC and other bank shares fell in response to media reports over money laundering allegations
- Nikola founder Trevor Milton stepped down in response to fraud charges
- Halma released good numbers showing the resilience of its end markets and defensive nature of its business model
- Nike had very good results underpinned by a surge in online sales
FUNDS
A top performing gold and silver fund showed us data to evidence how a 5% allocation to precious metals can reduce volatility compared to a traditional equity and bond portfolio
SMALL-CAP NEWS
Boohoo received the full 230-page independent report from Alison Levitt QC which confirmed that whilst it put in place plans to remedy malpractices in its Leicester supply chain, it did not move quickly enough to action them. Given the strong social and governance focus around this company it will be interesting to see how ESG funds respond
THIS WEEK IN HISTORY
1889: the Japanese company Nintendo is founded. It was originally a producer of playing cards
1931: the UK abandons the gold standard
RE-OPENING TIMES
Transport for London said that on average just 771,000 passengers used the London Underground network each morning last week, around a third of normal demand but only 2.3% down on the same period last week, despite new guidance from No. 10 around home working.
It was a similar story on London buses - there were 989,000 bus journeys made each day - down just 0.6% on the previous week (but at 56% of pre-pandemic levels).
MARKET DATA
|
% returns |
1 Week |
1 Month |
1 Year |
5 Years |
|
UK Equities (% return GBP) |
-2.82 |
-3.23 |
-18.79 |
13.81 |
|
World Equities (% return GBP) |
0.26 |
-0.71 |
6.11 |
97.15 |
|
10 Year US Treasury Yield (%) |
0.66 |
0.69 |
1.73 |
2.17 |
|
GBP / USD (fx rate) |
1.27 |
1.31 |
1.24 |
1.52 |
As at 25th 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
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