Click here to read the Weekly Digest, with thoughts on the present position in financial markets and our recent review of our Strategic Asset Allocation for portfolios.
In markets, the pound has weakened today following reports that a number of Conservative MPs have signed a letter of no-confidence in Prime Minister Theresa May. This week is an important one for economic data, with inflation reports from the UK, US and EU, amongst other releases. We will hear from the heads of the central banks of the US, UK, Eurozone and Japan, all on Tuesday. Already we have seen the latest Rightmove House Price Index for the UK, released overnight; it registered a decline of 0.8%. Overnight tonight we have some data from China, with Industrial Production (est +6.3%), Fixed Asset Investment (+7.3%) and Retail Sales (+10.5%).
This week should also see further progress with the tax reform proposals in the US, as the House of Representatives version of the bill goes to a full vote, probably on Thursday or Friday. The Senate is expected to vote on its version by 23 November.
In other matters:
- Please bear with us! There is new legislation coming in called MiFID 2 (Markets in Financial Instruments Directive 2, with MiFID 1 having been implemented on 1 November 2007) and, whether as a client or adviser, we are going to be in touch with you about it, potentially multiple times. I apologise for any extra paperwork and/or work this entails for you in the short term. We are trying to minimise it
- I am delighted that Rebecca Jones, who joined Investec on our Graduate Programme last year, spent a brief period with our team in 2016, and is presently working on our desk, is now joining our team permanently. We are all pleased at this positive news for her and our team