Weekly Newsletters
12 November 2021 | William Buckhurst
That Was the Week That Was
MACRO
- In the US, the inflation print was very high at 6.2%, its fastest annual increase since 1990
- 10-year US treasuries sold off, but the 30-year remains unchanged
- Factory gate prices in China rose at their strongest pace in 26 years
THE POLITICAL WEEK
Biden’s $1.2tn infrastructure bill was finally given overwhelming bipartisan approval by the Senate while there was increased hope that the $1.75tn “build back better” bill will also gain Senate approval
COMPANY NEWS
- Abrdn is in talks to takeover Interactive Investor
- Disney results were disappointing while forecasting Disney+ to turn profitable by 2024
- Paypal shares tumbled after volume from former partner eBay fell but they also announced a new partnership with Amazon
- Persimmon and Vistry pointed towards cost inflation of c.5% but are managing to weather that through rising house prices
- Marks & Spencer shares surged as it returned to profitability and guidance rose
- Siemens reported that orders rose 26% YoY, but short-term profitability is not quite matching that order book
- Shiseido had a difficult quarter, they raised guidance but below consensus numbers
SMALL-CAP NEWS
Good COP, Good COP: with the backdrop of COP26 there were several announcements made in the fuel cell/hydrogen space. Ballard bought UK based fuel cell system engineer Arcola for $40m, Ceres has announced it has signed a joint development and equity agreement with RFC Power, an early-stage developer of hybrid fuel cell batteries spun out of Imperial College London in 2017 and ITM Power agreed heads of terms for its second factory in Sheffield.
THIS WEEK IN HISTORY
- 1979: US President Carter announces a halt to Iranian oil imports and freezes Iranian assets
- 1998: TheGlobe.com IPO soars 606% on the first day of trading. Early subscribers to the IPO bought shares for $9, the shares closed the day at $63.50 per share and traded as high as $97. Only three years later the shares were practically worthless
RE-OPENING TIMES
Wetherspoons results this week highlighted the extent to which many older consumers are still cautious about going out: sales of traditional ales were down 30% whereas there was strong growth in cocktails and spirits favoured by younger clientele
MARKET DATA
|
% returns |
1 Week |
1 Month |
1 Year |
5 Years |
|
UK Equities (% return GBP) |
1.26 |
3.84 |
21.32 |
30.63 |
|
World Equities (% return GBP) |
-0.16 |
7.66 |
27.46 |
98.88 |
|
10 Year US Treasury Yield (%) |
1.58 |
1.59 |
0.89 |
2.23 |
|
GBP / USD (fx rate) |
1.34 |
1.37 |
1.31 |
1.26 |
As at 12th November 2021. Source: Financial Express
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