Weekly Newsletters

22 October 2021 | William Buckhurst

That Was The Week That Was

MACRO

  • 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

THE POLITICAL WEEK

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”

COMPANY NEWS

  • 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

 QUOTE OF THE WEEK

‘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

SMALL-CAP NEWS

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

THIS WEEK IN HISTORY

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 ART OF INVESTMENT PODCAST

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

MARKET DATA

% returns

1 Week

1 Month

1 Year

5 Years

UK Equities (% return GBP)

-0.56

2.07

29.85

21.92

World Equities (% return GBP)

1.01

1.40

25.67

83.43

10 Year US Treasury Yield (%)

1.66

1.32

0.87

1.74

GBP / USD (fx rate)

1.38

1.36

1.31

1.22

 As at 22nd October 2021. Source: Financial Express

 

 

 

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