MoneyWeek 1063

MoneyWeek is a weekly magazine that enables you to become a better-informed, smarter investor and enjoy the rewards of managing your money with confidence. 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.

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3 Min
from the editor...

MoneyWeek will turn 21 in early November. It has been a busy couple of decades. We’ve been through the dotcom bubble, two commodities supercycles, the housing bubble, a once-in-a-century financial crisis, and a once-in-a-century pandemic. We have, in short, been round the block more than a London traffic warden. But one thing we have yet to experience: a nasty bout of inflation. I wonder if we now will. Not so transitory John explains in detail why we’re worried on page 22, but the (rapidly rising) bottom line is that all the signs are there. Massive money-printing, which this time is going straight into the system rather than plugging balance-sheet holes in banks as in 2008-2009. Supply bottlenecks, skill shortages and rising raw-materials prices – a combination that points to a wage-price spiral. And,…

1 Min
lawsuit of the week

The Ferrari 250 GTO is “a collector’s dream”, says the Times: fewer than 40 were made. But the car has “proved to be a source of accelerating legal wrangles” for the children of the late French luxury-goods tycoon Pierre Bardinon. France’s highest court has ruled his eldest son Patrick, 64, was wrong to sell the “Mona Lisa of Ferraris” to a Taiwanese businessman for $48m in 2014 without permission from his siblings, Jean-François, 62, and Anne, 67. Patrick claims that after he nearly died in a crash in Germany, his father gave him the car as a gift, but his siblings said he had taken it “one morning before daybreak” and sold it in the US without their knowledge. The court ordered Patrick to pay them €52.3m, representing the auction…

1 Min
good week for

The sale of her production company means actress Reese Witherspoon (pictured) is set for a major payday, says The Times. The Oscar-winning star is to sell Hello Sunshine, which makes hit HBO drama Big Little Lies, to private equity giant Blackstone in a deal that values the firm at $900m. Blackstone will spend over $500m buying out some Hello Sunshine investors, while Witherspoon will retain a stake after the deal closes. Spirits firms will be toasting soaring sales after Britain became “a nation of amateur mixologists”, says MailOnline. Data from Waitrose revealed sales of “trendy Italian spirit” Aperol jumped 148% in July compared to the same time last year. Pimms sales also jumped by over 100%, and sales of Vermouth are up 64% as those working from home “wind down with…

1 Min
bad week for

The National Gallery of Australia will return 14 works of art to India that are suspected to have been stolen, looted or illegally exported, says the BBC. All but one of the works, together worth almost £1.6m, are linked to former New York art dealer and alleged trafficker Subhash Kapoor. The gallery has already returned several other works it bought via Kapoor, including a bronze statue of Hindu god Shiva acquired for £3.6m in 2008. The late owner of publisher Scholastic stunned his wife and sons by leaving the $1.2bn firm “not to his sons or siblings but to his former lover”, says The Times. Richard Robinson Jr bequeathed Scholastic, which published the Harry Potter series in America, and all his personal possessions to Iole Lucchese. The family say they are…

2 Min
broken china: regulators rattle investors

Are Chinese stocks “uninvestable”? asks Farah Elbahrawy on Bloomberg. Goldman Sachs says its clients are wondering whether they should pull their money out after Beijing broadened a clampdown on businesses it blames “for increasing inequality and financial risk”. The resulting market volatility has pushed “key stock indexes to the brink of a bear market”. Investors wake up Investment trusts focused on China have suffered “average losses of a third” since a recent peak in February, notes David Brenchley in The Times. The benchmark CSI 300 index is down by more than 6% in 2021. “Chinese regulatory interference… is turning out to be one of the big stories of 2021,” says Russ Mould of AJ Bell. What’s next? Keep an eye on “highly indebted” property developer China Evergrande. The shares have tumbled by…

1 Min
inflation threatens the us earnings boom

A 6.5% rate of GDP growth would usually merit “celebrations in the streets”, says Neil Irwin in The New York Times. Yet America’s second-quarter 6.5% annualised growth disappointed: it was lower than predicted and showed that the recovery is running into “obstacles”. Shortages of building materials meant that the housing sector “actually contracted” slightly despite huge demand. Getting back to normal is proving a“grind”; consumption of services is still 7.4% below where you would have predicted it to be pre-pandemic, while “spending on durable goods”, which boomed during lockdowns, is 34% higher. Rising cases of the Delta variant in America could also sap the recovery. Investors are recalibrating. As Nicholas Colas of DataTrek Research tells CNBC, all the “Big Tech companies” have reported unexpectedly good second-quarter earnings. Yet traders reacted by selling…