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MoneyWeek

MoneyWeek

Issue 983

There's a reason MoneyWeek is Britain's best-selling financial magazine. We exist to help you ground your portfolio so that it keeps your money safe during rough patches and growing in the good times. We don't just look at how to maximise your returns and limit your losses, we also like to look at how you can keep more of the money you've made. Week-in, week-out we'll guide you through the financial world as it changes, alerting you to all the opportunities to profit and dangers to avoid, as they appear. Income strategies, rising-star companies, the best funds and trusts, clever ways to preserve your wealth during market turmoil... you will get the best ideas from the sharpest financial minds and investing professionals in Britain.

País:
United Kingdom
Idioma:
English
Editor:
Dennis Publishing UK
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3 min.
from the executive editor...

“Davos is usually fertile ground for contrarian indicators and this year is no exception” As regular readers may know, I’m always on the lookout for contrarian indicators – signs that a belief has become so widespread in markets that even the most extreme outcomes must be “priced in”. Davos – the Switzerland-based talking shop for the great and the good and the grossly overpaid – is usually fertile ground for such indicators and this year has proved no exception. In an interview with Bloomberg this week, Bob Prince, the co-chief investment officer of Bridgewater, the world’s biggest hedge fund, came out with this beauty. Arguing that central banks around the world had learned their lesson from the Federal Reserve’s abortive attempts to raise interest rates in 2018, he said: “... we’ve…

1 min.
scandal of the week

Africa’s richest woman, Isabel dos Santos (pictured), is accused of exploiting Angola’s assets to enrich herself while her father, former president José Eduardo dos Santos, was in power, says Michael Forsythe in The New York Times. The “Luanda leak” of 715,000 documents relating to her business activities provides “a paper trail” of how she and her husband, Sindika Dokolo, amassed $2bn via stakes in Angolan telecoms, diamonds and construction firms. For example, in 2017, $57m was transferred from Angola’s state oil company, Sonangol, which she chaired at the time, to a Dubai firm owned by a friend. This “drained” Sonangol’s account at EuroBic, the European arm of an Angolan bank which is 42.5% owned by dos Santos. The bank said it has ended its “commercial relationship” with her and will…

1 min.
good week for:

Billionaire Peter Hargreaves (pictured) is to establish a charitable foundation, to provide financial support to help underprivileged young people and those with disabilities through education and sport, says The Times. Hargreaves will transfer shares worth £100m from his 32% stake in Hargreaves Lansdown, the investment platform he started in 1981, and stepped back from almost five years ago. The foundation will hold on to the shares for at least two years and draw on the income, which would have been worth around £2.2m last year. The Van Gogh Museum in Amsterdam has authenticated an 1889 self-portrait of Vincent Van Gogh as genuine. Norway’s Nasjonalmuseet has owned it since 1910, but its authenticity had been disputed since 1970. However, Van Gogh refers to the “when I was ill” painting – the only…

1 min.
bad week for:

Jaime Botin, a member of the Spanish banking family that has run Santander for over a century, has been fined €52.4m and sentenced to 18 months in prison, for smuggling Pablo Picasso’s Head of a Young Woman out of Spain, says Bloomberg. Botin had been denied an export permit to sell it through Christie’s in London in 2012. The €26m painting was later found on his yacht, off Corsica, in 2015. It has since been handed to the Reina Sofia art museum in Madrid, while authorities decide where to send it.…

2 min.
trade truce boosts stocks – for now

Don’t get too excited about the new “phase one” US-China trade deal, says James Palmer in Foreign Policy. Donald Trump heralded a “momentous step” after formally signing the accord with the Chinese vice premier, Liu He, last week, but this limited agreement will only “forestall further escalation” rather than unwind the damage already done to global trade. Trade truce, not trade peace Markets saw the sunny side. The S&P 500, Nasdaq Composite and Dow Jones Industrial Average all posted their biggest weekly percentage gains since August last week, note Chris Matthews and Mark DeCambre for MarketWatch. “The Nasdaq has climbed for six straight weeks, with a year-to-date return of 4.6%”. The pan-European Stoxx Europe 600 hit a new record high on Friday and the FTSE 100 regained a six-month peak. Beijing has pledged…

1 min.
the bulls return to emerging markets

Financial markets are “getting ahead of themselves”, says Michael Mackenzie in the Financial Times. The ink had barely dried on the trade deal before the bulls were pouring into emerging markets. Traders have noticed that the value of China’s renminbi has been “quietly” appreciating relative to the dollar. Stronger local currencies improve dollar-denominated returns. With US assets so expensive many are keen for a “prolonged rotation” towards emerging markets, which have “long been cheap”. Yet “truces can be fragile”. Details of the deal could also prove a mixed blessing. Brazilian soy farmers, for example, are unlikely to be thrilled by Chinese plans to shift purchases of the foodstuff to the northern hemisphere. A key challenge for emerging countries this decade has been China’s economy, says The Economist. The Middle Kingdom’s exceptional…