News & Insight Weekly Newsletters

14 October 2022 | William Buckhurst

That Was The Week That Was


  • A hotter than expected US CPI print but markets unexpectedly rallied on the back of it
  • For September, core US CPI (which strips out volatile items such as food and energy) rose 6.6% annualized
  • In the UK, Prime Minister Truss sacked her Chancellor, Kwasi Kwarteng, and u-turned on the planned corporation tax cut


  • LVMH enjoyed strong quarterly results with organic growth of 19% year-on-year.  The all-important Fashion & Leather Goods segment saw organic growth of 22% vs 16.2% expected
  • JP Morgan Chase’s earnings fell 16.6% and revenue was up 10.3%. It added $808m to its credit reserves during the quarter, driving lower net income, compared to last year when it released $2.1bn. Net interest income was up 34% thanks to higher interest rates. But non-interest revenue fell 8% on lower investment banking fees, losses in corporate securities investments and lower production in home lending
  • Netflix shares rose after releasing details around the plans for the launch of its advertising supported tier


Check Mate. World Chess is plotting a £6.9m listing in London. The company, founded in 2017 with the aim of 'promoting chess to the mass market globally', is hoping to list in November. Chess has boomed in popularity in recent years, particularly during the Covid-19 pandemic and following the release of Netflix series The Queen's Gambit and was recently in the news as US prodigy, Hans Niemann was accused of cheating against Norwegian Magnus Carlsen – arguably the greatest player in history


  • 2002: The NASDAQ index closes at 1,114.11 which turned out to be the bottom of the tech bubble collapse. It had fallen 78% from its January 2000 high
  • 2007: The Dow Jones Industrial Average index reaches its pre-Financial Crisis peak of 14,164.53. The index would fall 57% over the next year and a half



Having been locked out by Twitter, Ye (previously Kanye West) has just been exited by JPMorgan Chase. The bank has closed the account of the rapper who had previously criticized the firm for not facilitating introductions to either Jamie Dimon, their CEO, or bank-led deals. A loss that didn’t seem to impact their results, which were announced on Friday

Making sense of Thursday’s US market: “This is one of those trading days where if you had the news in advance (above-expected CPI) you REALLY would have lost a lot of money” commented Lloyd Blankfein, ex Goldman Sachs CEO


Since 1928, there have been just five years in which both the S&P 500 and the 10-Year Treasury Bond finished down: 1931, 1941, 1969, 2018 and 2022. But there's only been ONE year in which both the S&P 500 and the 10-Year Treasury Bond were down more than 10%...and that's currently 2022


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 As at 14th October 2022. Source: Financial Express



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