Weekly Newsletters

26 August 2022 | William Buckhurst

That Was The Week That Was

MACRO

  • Talking about interest rate hikes, Chairman Powell said the Federal Reserve will “keep at it” in a hawkish statement which sparked a sharp sell-off in equity markets
  • European gas and power prices saw another large move higher this week following news that Russia will halt flows through the Nord Stream 1 pipeline
  • Citigroup forecast UK annual inflation to be at 18% next year

COMPANY NEWS

  • Energy services group Hunting shares closed the week sharply higher after revenue increased on higher sales of parts, and it said that it expects to see a further improvement in earnings in the second half, supported by its forward sales book
  • UK technology company Aveva received a takeover approach from Schneider Electric
  • Peloton reported a $1.2bn loss over the quarter. The company hit a peak market valuation of nearly $50bn in early 2021, while revenue more than doubled. It is now valued at just over $3.6bn

SMALL CAP NEWS

UK recruitment agency Hays reported a sharp rise in annual profits and raised its share buyback programme by £18.2m. Hays has been buoyed by a surge in demand for new staff as employers rush to fill up vacancies, with operating profits up 128% to £210.1m for the year ending 30th June, up from £95.1m a year earlier.  They announced a special dividend of 7.34p per share and are planning to return nearly £170m in dividends to its shareholders

THIS WEEK IN HISTORY

1932: With America in the depths of the worst depression ever seen millions of people could not keep up with mortgage payments due to mass unemployment. In a move aimed to offer some relief the Comptroller of the Currency (or OCC) announced a temporary halt on foreclosures of first mortgages

2003: National Grid shares plummet after a serious power outage  in parts of southern London and north-west Kent . It was the largest blackout in South East England since the Great Storm of 1987, affecting an estimated 500,000 people

IN OTHER NEWS

Elon Musk, who already controls Neuralink, reached out to rival brain computer interface company Synchron about a merger this week. Synchron had become the first technology company to implant a chip into a human brain a few weeks ago. Those implants allow them to control digital devices via brain signals to help us text, shop, and more with no reported serious adverse effects after 12 months. The future of drunk texting is now upon us

MARKET DATA

% returns

1 Week

1 Month

1 Year

5 Years

UK Equities (% return)

-1.96

0.52

-1.08

0.53

World Equities (% return)

-3.33

0.93

-10.35

44.70

10 Year US Treasury Yield (%)

3.04

2.81

1.34

2.17

GBP / USD (fx rate)

1.17

1.20

1.37

1.29

 As at 26th August 2022. Source: Financial Express

 

 

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