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Last week was positive for risk assets, while government bonds continued their sell-off. Over the weekend, there were a couple of political developments to note. First, in Germany the SPD (Social Democratic Party) voted to enter into coalition talks with Angela Merkel’s CDU (Christian Democratic Union), in a reversal of its immediate post-election position. This paves the way for a renewed Grand Coalition, with talks expected to start as early as today and to last around two weeks, with a new government to be sworn in by the first half of March. Meanwhile in the US the government remained in partial shutdown as the Senate failed to agree a budget package. They will try again today but there is unlikely to be much direct impact on the economy unless the dispute is protracted, which is unlikely. Today in the UK, the House of Lords will debate the government’s Brexit legislation; any hiccoughs here will be reflected in sterling. The World Economic forum at Davos takes place from Tuesday to Friday.
This week is a busy one for corporate newsflow as the results season gathers pace. Of note in particular for me are Hotel Chocolat, Celgene and Givaudan.
I am sometimes asked about career opportunities at Investec. We run a Summer Internship Programme for university students in their penultimate year of study. Our 2018 application process is now open (https://www.investec.com/en_gb/welcome-to-investec/Careers/graduates/exposure-programmes/summer-internship-programme.html). Please note that the Programme does not currently cover Investec Wealth & Investment (our division within Investec) and that – apologies for the short notice – applications close on Wednesday