Weekly Newsletters

04 December 2020 | William Buckhurst

That Was The Week That Was

MACRO

  • In the UK, still no sign of a Brexit trade deal as France holds out over UK fishing rights
  • In the US, top Democrats expressed support for a $908bn stimulus plan offered by a bipartisan group of US senators
  • China’s exports grew at 21% in November, their fastest pace this year, with rising global demand for the country’s goods pushing its trade surplus to the highest monthly level on record

STATISTIC OF THE WEEK

News of Coronavirus vaccines sent global stock markets into a melt-up frenzy.  The index of leading UK company shares has risen in value by more than £180bn, or 12.4%, in November, the strongest monthly performance since January 1989 when the market gained by 14.4%.

COMPANY NEWS

  • Tesco and other leading UK retailers said they would return the government rate relief they received earlier in the year
  • Pfizer shares closed up on the week after the UK said it had approved its vaccine
  • Exxon Mobil announced further asset write-downs totalling $17-20bn and another significant reduction in future capex

FUNDS

A good week for Agronomics the cellular food fund. Portfolio company Solar Foods received €4.3m to produce an entirely new kind of nutrient-rich protein, Solein, by using air and electricity as its primary raw materials.  This timing coincided with Singapore giving regulatory approval for the world’s first “clean meat” that does not come from slaughtered animals. This will be provided by Eat Just, a US based start-up, and will be initially used in nuggets.

SMALL-CAP NEWS

In a meeting with a US small cap, Vuzix, the CEO claimed that everyone will be wearing glasses in the future, regardless of their eyesight! Apple is due to release their iteration soon but Vuzix has performed strongly this year particularly with the usage levels of their technology in the healthcare world. We look on with interest!

THIS WEEK IN HISTORY

1745: The original “Black Friday”. All out panic as news reaches London of the advancement of Bonnie Prince Charlie.  Stocks fell and the Bank of England nearly fails as customers line up to withdraw their money. The bank survives by paying “dummies” to stand in line, and cashing out large accounts with small coins

1995: Steve Jobs becomes a billionaire on the IPO of Pixar, which he bought from George Lucas in 1986

BACK TO TIERS

As the likes of JD Wetherspoon and Mitchells & Butlers grapple with new tiers, a pub landlord in Brighton has attempted to get around the government's Tier 2 restrictions by serving a pint called a "substantial meal". The Caxton Arms in Brighton says it will be offering the “hearty, filling and flavoursome" ale from its supplier the "Made Up Brewery"

MARKET DATA

% returns

1 Week

1 Month

1 Year

5 Years

UK Equities (% return GBP)

2.96

12.16

-7.47

24.90

World Equities (% return GBP)

0.55

5.50

15.32

97.34

10 Year US Treasury Yield (%)

0.97

0.78

1.77

2.28

GBP / USD (fx rate)

1.34

1.30

1.31

1.51

As at 4th December 2020. Source: Financial Express

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