Notícies i Política

MoneyWeek Issue 960

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.

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51 Números

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3 min.
from the executive editor ...

“What will stand out to any contrarian is that investors are betting heavily on deflation” More global fund managers now expect a recession than at any time since 2011 (which you’ll remember, was a tough year and a time when every other headline was fretting about the solvency of Greece). More global fund managers are bullish on bonds than at any time since 2008 – only 9% of them expect to see higher bond yields in the next 12 months which, given that bond yields are at record low levels in most parts of the world, is quite something. And an overall majority of fund managers expect value stocks to underperform growth over the next 12 months, the most bearish managers have been on value’s relative prospects since the financial crisis. All…

2 min.
pay gap dispute of the week

In March, players of the US Women’s national football side, which went on to win the World Cup this summer under captain Megan Rapinoe (pictured), sued the US Soccer Federation, citing pay discrimination, saying that the men’s side was better paid. After the World Cup, US Soccer president Carlos Cordeiro retorted that the teams “have different pay structures, not because of gender, but because each team chose to negotiate a different compensation package” – the women’s team had been paid $34.1m in salaries and bonuses compared with $26.4m for the men between 2010 and 2018. Part of the issue stems from the outsized bonuses that football’s global governing body Fifa pays male teams compared to female ones, says The Guardian. Either way, the row has spilled over into politics. Last…

2 min.
trade conflict risks igniting currency war

“Every now and then, August belies its reputation as a sleepy month,” says Larry Elliott in The Guardian. Last week, China’s currency (the yuan, or renminbi) fell to an 11-year low against the US dollar, tumbling through the level of seven-to-the-dollar, previously regarded as a “line in the sand”. That prompted US authorities to brand the country a “currency manipulator” for the first time since 1994. There is now talk of a “currency war”, says Jill Treanor on BBC News – whereby nations competitively devalue their currencies to boost exports. There are signs that this game of “beggar-thy-neighbour” has already begun. Last week brought interest-rate cuts from central banks in New Zealand, Thailand and India (see opposite). Cuts tend to weaken currencies because they prompt investors to look elsewhere for a…

1 min.
the threat to europe’s banks

Markets are rubbing their hands at the prospect of a “parting gift” from Mario Draghi, outgoing European Central Bank (ECB) president, says Tommy Stubbington in the Financial Times. Yet while the Euro Stoxx index has rallied 15% this year on the prospect of interest-rate cuts, eurozone banks have been “notably absent from the festivities”. Negative interest rates mean banks are “charged to hold their excess reserves at the central bank”, says Tom Rees in The Daily Telegraph. Eurozone lenders “have paid out €21bn to the ECB since negative interest rates were introduced in 2014”. Markets expect rates to go as low as -0.6%, suggesting an epic squeeze on banks’ profitability. Goldman Sachs calculates that a 100-basis point cut could see a quarter of Europe’s biggest banks become “loss-making or break-even”. The banks’…

1 min.
crude oil is back in a bear market

Talk of a global economic slowdown is like a “bubonic plague for oil demand”, Robert McNally of Rapidan Energy Group tells The Wall Street Journal. Last week Brent crude slid into a bear market after dropping more than 20% since its April high. The European oil benchmark was trading this week at less than $61 per barrel. The falls came as the International Energy Agency (IEA) cut its forecasts for worldwide oil demand for this year and next, reports Matt Egan for CNN. The IEA says that “oil demand grew at the weakest pace since 2008” during the first five months of 2019. In developed nations oil demand has fallen for three quarters in a row. “That hasn’t happened since 2014.” The slump is a surprise given the rocky supply picture, writes…

1 min.

“The British authorities have been doing a great deal to prepare. People say they are asleep but I can assure you that they are highly professional and they are ready... There are certain individuals in the UK who are whipping up this catastrophism for their own reasons. This has provoked a lot of concern but basically ‘c’est la bulls**t ’. Nothing is going to happen the day after Brexit... Britain will be a third country, that’s all, and there is no reason why this should lead to any problems. If both sides do their homework, traffic will be completely fluid... [Brexit in March] would have been a huge problem because nobody believed it was going to happen and they were all dragging their feet. But we have seven more months…