Weekly Newsletters

04 November 2022 | William Buckhurst

That Was The Week That Was

MACRO

  • Andrew Bailey at the Bank of England appeared surprisingly dovish. “[The Bank rate] will have to go up by less than currently priced into financial markets,” Bailey said in comments after announcing an expected 75bps hike
  • Meanwhile, Federal Reserve Chairman, Jay Powell, warned US interest rates would peak at a higher level than expected even as he held out the possibility of the Federal Reserve slowing the pace of its campaign to tighten monetary policy

COMPANY NEWS

  • Novo Nordisk continued to report strong quarterly results with revenues and profits ahead of expectations
  • Zimmer Biomet also reported third quarter earnings that beat analysts' forecasts and revenue that topped expectations
  • GSK increased its full-year earnings outlook for the second time in four months, buoyed by record sales for its shingles vaccine
  • Ocado shares rose after announcing a new partnership with South Korean online shopping firm Lotte Shopping.

THIS WEEK IN HISTORY

1993: The Maastricht Treaty entered into force thereby establishing the European Union

1999: As another sign of the tech bubble inflating, the Dow Jones Industrial Average adds significant technology exposure and drops many industrial companies. Microsoft and Intel come in, while Chevron and Goodyear Tire drop out. Both had been a part of the Dow for 69 consecutive years

SMALL CAP NEWS

Following the leadership uncertainty in the Summer and the subsequent fall in the share price at R&Q Insurance Holdings, the leading non-life global specialty insurance company focusing on Program Management (PM) and Legacy Insurance businesses, it was pleasing to see the progress being made in PM with Gross Written Premium rising by 83% to $1.3bn and fee income doubling from the same stage last year to $60m. William Spiegel, the under pressure executive group chairman, insisted that the “pipeline of new MGA (managing general agent) opportunities remains strong

IN OTHER NEWS

The strength of the moves in global markets on Friday have been linked to social media posts stating that Zeng Guang, the former head of the Chinese Centre for Disease Control and Prevention, had said at a conference held by Citigroup the country could reopen its border with Hong Kong in early 2023, with more relaxations on international border controls to follow.

Meanwhile, Elliott Management, founded by Paul Singer, was less optimistic this week, saying that "the world is on the path to hyperinflation, which is the direct route to global societal collapse and civil or international strife. It is not baked, but that is the path that we are treading. Investors should not assume that they have 'seen everything' on account of experiencing the 1973 to 1974 bear market and oil embargo, the 1987 crash, the dot-com crash, or the 2007 to 2008 GFC"

MARKET DATA

% returns

1 Week

1 Month

1 Year

5 Years

UK Equities (% return)

3.79

3.98

-4.17

-3.73

World Equities (% return)

-1.98

0.32

-18.48

28.30

10 Year US Treasury Yield (%)

4.16

3.62

1.73

2.36

GBP / USD (fx rate)

1.14

1.14

1.35

1.31

 As at 4th November 2022. 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. ©2022 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

Other Recent Weekly Newsletters
That Was The Week That Was

25 November 2022

That Was The week That Was

18 November 2022

That Was The Week That Was

11 November 2022

That Was The Week That Was

04 November 2022

That Was The Week That Was

28 October 2022

That Was The Week That Was

21 October 2022

That Was The Week That Was

14 October 2022

That Was The Week That Was

07 October 2022

That Was The Week That Was

30 September 2022

That Was The Week That Was

23 September 2022

That Was The Week That Was

16 September 2022

That Was The Week That Was

09 September 2022

That Was The Week That Was

02 September 2022

That Was The Week That Was

26 August 2022

That Was The Week That Was

19 August 2022

That Was The Week That Was

05 August 2022

That Was The Week That Was

29 July 2022

That Was The Week That Was

22 July 2022

That Was The Week That Was

15 July 2022

That Was The Week That Was

08 July 2022

That Was The Week That Was

01 July 2022

That Was The Week That Was

24 June 2022

That Was The Week That Was

17 June 2022

That Was The Week That Was

10 June 2022

That Was The Week That Was

03 June 2022

That Was The Week That Was

27 May 2022

That Was The Week That Was

13 May 2022

That Was The Week That Was

06 May 2022

That Was The Week That Was

29 April 2022

That Was The Week That Was

22 April 2022

That Was The Week That Was

15 April 2022

That Was The Week That Was

08 April 2022

That Was The Week That Was

01 April 2022

That Was The Week That Was

25 March 2022

That Was The Week That Was

18 March 2022

That Was The Week That Was

11 March 2022

That Was The Week That Was

03 March 2022

That Was The Week That Was

25 February 2022

That Was The Week That Was

18 February 2022

That Was The Week That Was

11 February 2022

That Was The week That Was

04 February 2022

That Was The Week That Was

28 January 2022

That Was The Week That Was

21 January 2022

That Was The Week That Was

14 January 2022

That Was The Week That Was

07 January 2022

That Was The Week That Was

17 December 2021

That Was The Week That Was

10 December 2021

That Was The Week That Was

03 December 2021

That Was The Week That Was

26 November 2021

That Was The Week That Was

19 November 2021

That Was the Week That Was

12 November 2021

That Was The Week That Was

05 November 2021

That Was The Week That Was

29 October 2021

That Was The Week That Was

22 October 2021

That Was The Week That Was

15 October 2021

That Was The Week That Was

08 October 2021

That Was The Week That Was

01 October 2021

That Was The Week That Was

24 September 2021

That Was The Week That Was

17 September 2021

That Was The Week That Was

10 September 2021

That Was The Week That Was

03 September 2021

That Was The Week That Was

27 August 2021

That Was The Week That Was

20 August 2021

That Was The Week That Was

06 August 2021

That Was The Week That Was

30 July 2021

That Was The Week That Was

23 July 2021

That was The Week That Was

16 July 2021

That Was The Week That Was

09 July 2021

That Was The Week That Was

02 July 2021

That Was The Week That Was

25 June 2021

That Was The Week That Was

18 June 2021

That Was The Week That Was

11 June 2021

That Was The Week That Was

04 June 2021

That Was The Week That Was

28 May 2021

That Was The Week That Was

21 May 2021

That Was The Week That Was

14 May 2021

That Was The Week That Was

07 May 2021

That Was The Week That Was

30 April 2021

That Was The Week That Was

23 April 2021

That Was The Week That Was

16 April 2021

That Was The Week That Was

09 April 2021

That Was The Week That Was

02 April 2021

That Was The Week That Was

26 March 2021

That Was The Week That Was

19 March 2021

That Was The Week That Was

12 March 2021

That Was The Week That Was

05 March 2021

That Was The Week That Was

26 February 2021

That Was The Week That Was

19 February 2021

That Was The Week That Was

12 February 2021

That Was The Week That Was

05 February 2021

That Was The Week That Was

29 January 2021

That Was The Week That Was

22 January 2021

That Was The Week That Was

15 January 2021

That Was The Week That Was

08 January 2021

That Was The Week That Was

18 December 2020

That Was The Week That Was

11 December 2020

That Was The Week That Was

04 December 2020

That Was The Week That Was

27 November 2020

That Was The Week That Was

20 November 2020

That Was The Week That Was

13 November 2020

That Was The Week That Was

06 November 2020

That Was The Week That Was

30 October 2020

That Was The Week That Was

23 October 2020

That Was The Week That Was

16 October 2020

That Was The Week That Was

09 October 2020

That Was The Week That Was

02 October 2020

That Was The Week That Was

25 September 2020

That Was The Week That Was

18 September 2020

That Was The Week That Was

11 September 2020

That Was The Week That Was

04 September 2020

That Was The Week That Was

28 August 2020

That Was The Week That Was

21 August 2020

That Was The Week That Was

14 August 2020

That Was The Week That Was

07 August 2020

That Was The Week That Was

31 July 2020

That Was The Week That Was

24 July 2020

That Was The Week That Was

17 July 2020

That Was The Week That Was

10 July 2020

That Was The Week That Was

03 July 2020

That Was The Week That Was

26 June 2020

That Was The Week That Was

19 June 2020

That Was The Week That Was

12 June 2020

That Was The Week That Was

05 June 2020

That Was The Week That Was

29 May 2020

That Was The Week That Was

22 May 2020

That Was The Week That Was

15 May 2020

That Was The Week That Was

08 May 2020

That Was The Week That Was

01 May 2020

Back to News & Insights

Terms & Conditions

The information and services described on this website are not intended to be used by, or to be available to, persons accessing the website from outside the United Kingdom.

The value of investments and the income derived from them may go down as well as up and you may not receive back all the money which you invest.

The investments and investment services described or recommended on this website may not be suitable for all people.

Any information relating to past performance of an investment or investment service is not a reliable indicator of future performance.

No tax advice is provided and clients will need to seek advice from their independent tax advisor.

Fluctuations in the rate of exchange may have an adverse effect on the value, price or income of non-sterling denominated investments.

Vermeer Investment Management Limited, its associates, employees and/or clients may own or have a position in securities referred to on this website or may have provided advice or investment services in relation to any such security.

The Website is for information purposes only. Information contained on it is not intended to be an offer to buy or sell securities and this website should not be regarded as an offer or solicitation to conduct investment business as defined in section 21 of the UK Financial Services and Markets Act 2000 (FSMA).

Nothing on this website is intended to exclude or restrict any duty or liability which Vermeer Investment Management Limited may have under the FSMA (or any subsequent amending or replacement legislation) or the rules and regulations for the conduct of business made thereunder.

For the purposes of FSMA this website has been approved by Vermeer Investment Management Limited, which is authorized & regulated by the Financial Conduct Authority.

Please read our Privacy Policy. By clicking ‘accept’ you agree to be bound by the terms of this notice.

Accept