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MoneyWeekMoneyWeek

MoneyWeek Issue 962

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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access_time3 min.
from the editor-in-chief...

You might be worried about the possibility of a global recession, trade war, or even Brexit. I’m worried about the Bank of Mum and Dad (BoMad). The latest report from Legal & General on the amount lent inside families to those wanting to get on the property ladder shows a huge transfer of wealth down the generations. In 2018 BoMaD lending came to £5.7bn. This year it is forecast to hit £6.3bn, with the average contribution knocking around £24,000. It isn’t quite the same thing (most parents don’t expect the money back), but on the numbers alone, this makes families the 11th-largest mortgage lenders in the UK. The trend makes sense, of course: one of the reasons for rising wealth inequality in the UK (as everywhere) is that we are all…

access_time2 min.
loser of the week

Bury FC has become the first club to be expelled from the English Football League (EFL) since Maidstone United was kicked out in 1992. The club, founded in 1885 and promoted to English football’s third tier in April, has been in financial difficulties for some time. The head coach issued a winding up order over unpaid wages, which was taken over by HMRC. Businessman Steve Dale bought the club for £1 in December, but the problems continued, and five months after buying the club, Dale put it up for sale, saying the financial problems were “far in excess of what we could have comprehended”. The club entered into a company voluntary arrangement (a form of agreement with creditors), which was approved in July, and which Dale said meant the club’s…

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investors batten down the hatches

Recessions are “a state of mind”, says The Economist, and “the world’s mood is troubled”. If the public is confident and happy to spend then “even a big shock” may not halt an expansion. Conversely, if times are fearful, then “even a modest nudge may push an economy into a slump”. Markets have been on a downswing ever since Donald Trump upped the trade war ante on 1 August. The end of last week brought yet more escalation: Beijing announced tariffs on $75bn (£61bn)-worth of US goods. Twelve hours later Trump hit back, hiking tariffs on $250bn of Chinese imports to 30%. As John Authers notes on Bloomberg, the president appears determined to pursue an increasingly nasty trade dispute to the bitter end, even at the cost of a falling stockmarket. The…

access_time1 min.
british stocks: a happy hunting ground

Is Britain “uninvestable”? Analysts are “pretty much unanimous” in calling for investors to steer clear of UK shares until there is more political clarity around Brexit, says Bloomberg’s Ksenia Galouchko. JP Morgan argues that the FTSE 100 is in a “lose-lose” situation. Markets hate no deal, of course, but even if Johnson pulls off an unlikely agreement the resulting sterling rally will see the profits of the export-heavy index take a hit. Yet no-deal uncertainty notwithstanding, plenty of investors already spy opportunity in Britain, reports The Sunday Times. Pub group Greene King has become the latest public company to capitulate to a foreign buyer. With sterling so cheap and private-equity firms flush with cash, UK stocks are proving a happy hunting ground. Dairy Crest, Merlin Entertainments and Just Eat are among…

access_time1 min.
market’s safety net is fraying

“The stockmarket’s most important safety net is in danger,” says Daniel Strauss on Business Insider. During volatile periods of this ten-year bull market US firms have stepped in to buy back shares, propping up equity prices. Yet in the second quarter they have bought back stock at the slowest pace in 18 months. Buybacks reduce the number of a company’s shares on the stock exchange. That improves earnings per share and boosts the share price. Many regard buybacks as a more tax-efficient means to return capital to shareholders than a dividend. Corporate tax reform in 2017 sparked a buyback “bonanza”, but the sugar rush could be coming to an end, says Jessica Menton in The Wall Street Journal. Firms in the S&P 500 bought back $166bn of their own stock during…

access_time1 min.
viewpoint

“If the EU project were a ship, it could plausibly be the RMS Titanic. How else to explain the actions of political ‘leaders’ who, having hit the iceberg called Brexit, decide to hit the accelerator in the same (wrong) direction? The Financial Times reported last week that Brussels was considering a €100bn sovereign wealth fund to finance ‘European industrial champions’ to compete with the likes of Apple... ‘Europe has no such companies’, says the document... This presents a risk to growth, jobs and to Europe’s influence in key strategic sectors’. Putting aside the wisdom of the centrally planned growth strategy that served the USSR, China... and North Korea so well, [surely] Brussels [has] better things to do with other people’s money, given the looming insolvency of... the eurozone banking sector…

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