Weekly Newsletters

27 August 2021 | William Buckhurst

That Was The Week That Was

MACRO

  • In the UK, the second stage of HS2 looks set to be radically scaled back as the Treasury attempts to control public spending that has ballooned during the Covid crisis
  • UK house sales tumbled in July following the end of the stamp-duty holiday
  • Inflation in Germany came in at 3.4%, a 13-year high

STATISTIC OF THE WEEK

Container costs from China and East Asia to the east coast of the United States have climbed to over $20,000, compared with only $4,000 a year ago, according to data from freight-tracking firm, Freightos

COMPANY NEWS

  • Rumours are circulating around a Sainsbury takeover approach from private equity
  • CRH, the Dublin-based global building materials group, reported a positive first-half performance with revenue, EBITDA, and operating cash flow all significantly ahead of the same period last year
  • Peloton Interactive, the expensive exercise machine maker and one of the big beneficiaries of lockdowns, posted heavier than expected losses and cut the prices of its flagship products for the second time this year

 FED SPEAK

An important week for US monetary policy as Dallas Federal Reserve President Robert Kaplan said he would like to see the central bank announce next month that it will begin tightening its policy reins. Then later in the week, Chairman Powell at Jackson Hole reaffirmed his view that the recent rise in US consumer prices will fade over time despite supply chain constraints lasting longer than many anticipated. He also conceded that asset purchases should be reduced this year, helping to further unify what has in recent months been a divided Fed

SMALL-CAP NEWS

On the eve of the Ryder/Solheim Cups, there were signs of life at one of the hardest hit companies during the pandemic. Arena Events, which supply temporary outdoor structures (ice rinks, marquees at sporting events, etc.), announced that its recently acquired Texas-based arm Arena Aztec Shaffer (AAS) signed a deal with Championship Management, part of PGA Tour, which organises professional golf tournaments. The deal covers the same level of events as a previous contract though pricing is adjusted "to reflect current market conditions"

THIS WEEK IN HISTORY

1720: The South Sea Company has its fourth stock offering to the general public. Within four weeks the price would be down 75%

1967: Protesters, referred to by the New York Times as a “band of hippies”, throw $1 bills onto the New York Stock Exchange trading floor as a remonstration against American capitalism. Two weeks later, the visitors’ gallery was encased in bulletproof glass

 RE-OPENING TIMES

Labour shortages leave UK farms with 70,000 surplus pigs. The National Pig Association sounded the alarm over the effects on pig farms from a lack of workers that has hit food production and haulage

 

MARKET DATA

% returns

1 Week

1 Month

1 Year

5 Years

UK Equities (% return GBP)

0.89

2.89

23.58

23.90

World Equities (% return GBP)

0.81

3.32

25.44

95.79

10 Year US Treasury Yield (%)

1.29

1.29

0.74

1.62

GBP / USD (fx rate)

1.38

1.39

1.33

1.31

 As at 27th August 2021. Source: Financial Express

 

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