News & Insight Weekly Newsletters

22 October 2021 | William Buckhurst

That Was The Week That Was


  • In the UK, inflation numbers were marginally weaker but only because the comparator included the one-off “Eat Out to Help Out” scheme last year
  • In the US, the Federal Reserve’s Beige Book showed the regional economy slowing to a modest pace in recent weeks, as supply disruptions and labour shortages have impeded economic activity
  • Luxury sectors were impacted following a speech by Chinese President Xi Jinping that included comments around advancing legislation on property taxes as well as re-iterating a vision to achieve “common prosperity” by 2050


Further signs of the extent to which major central banks look to roll out their own form of digital currencies as China put pressure on the Winter Olympics sponsors such as Nike, Visa and McDonalds to accept payments in “e-yuan”


  • Unilever released good quarterly results, saying it had raised prices by 4.1% as it battles “unprecedented cost inflation”; but overall sales were hampered by lockdowns in southeast Asia
  • Nestle upgraded its full-year sales guidance and said it had increased prices by 2.1% in the third quarter
  • ABB showed exceptionally strong order intake yet cut its guidance as a tight supply chain bit into sales
  • Rumours circulated around Paypal acquiring Pinterest
  • AT&T posted higher quarterly revenue and more cell phone subscribers, bolstered by higher demand for its internet service and growing streaming platform HBO Max


‘We want to be the Qatar of hydrogen – I think Qatar may already be the Qatar of hydrogen, but we want to be with you.’…Prime Minister Boris Johnson as the UK gets ready to host COP26


GB Group, the digital identity specialists posted stellar results with first half revenue expected to be c.£109m with an adjusted operating profit of c£27.5m. 210 million transactions are processed everyday by GBG and in an increasingly online world this company is well positioned as traditional and new industries find ways to grow and improve competitiveness in a compliant and safe way


1923: the Reichbank prints 120 quadrillion marks as inflation in Germany runs wild

2010: US Treasury Inflation Protected Securities (TIPS) are auctioned with a negative yield for the first time in history


The possibility of the “reset” and what will be the catalyst to drive gold and silver prices higher from here, are all discussed on the latest The Art of Investment Podcast when Paul talks to Ned Naylor-Leyland, manager of the Jupiter Gold & Silver Fund, a fund our Investment Managers use to diversify away from traditional equities


% returns

1 Week

1 Month

1 Year

5 Years

UK Equities (% return GBP)





World Equities (% return GBP)





10 Year US Treasury Yield (%)





GBP / USD (fx rate)





 As at 22nd October 2021. 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 by VIM. ©2021 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).

Key Points

Back to News & Insights