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MoneyWeekMoneyWeek

MoneyWeek

Issue 973

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.

Country:
United Kingdom
Language:
English
Publisher:
Dennis Publishing UK
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51 Issues

IN THIS ISSUE

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

“What if would-be airline passengers start taking the train instead?” At our Edinburgh show earlier this year, Ruffer’s Alex Chartres told us that global geopolitics had become a black swan machine. Unexpected things just keep happening. Imagine telling someone, even five years ago, that globalisation was not unstoppable. That the US would be led by apolitician who would challenge the symbiotic relationship between the US and China and start a trade war –one with every chance of turning into a long cold war. Imagine telling anyone ten years ago that the UK would be in the middle of an election, the winner of which could be an old-fashioned socialist ideologue with a history of promising asset appropriation (see pages 8 and 12). Imagine telling the same person that in 2019 technology companies…

access_time2 min.
warning of the week

“Any swine with more cunning than conscience” can pretend to be a financial adviser on the internet, says Libby Purves in The Times. But it seems we’ve still not learned to distrust them. Nearly two-thirds of people would trust a complete stranger who had contacted them to offer pensions advice, reveals a survey of 45-65 year olds by the Financial Conduct Authority and the Pensions Regulator. That trust could prove costly. The average amount lost to fraudsters in 2018 was £82,000. And being highly educated is no defence. People with a university degree are 40% more likely to accept a “free pensions review” – a common scam tactic – from a company they’ve never heard of before. And with interest rates firmly at rock bottom, the “scams look ever more…

access_time2 min.
investors decide the bull is back

“The pendulum is swinging back”, says Michael Mackenzie in the Financial Times. Investors have spent much of this year worrying that the US-China trade war would trigger a “hard landing” for the global economy. Yet though a trade resolution remains murky (see box below), markets have suddenly decided that it is time to be bullish. America’s S&P 500 has now made five straight weeks of gains, its joint-longest winning streak for two years, notes Stan Choe for The Associated Press. The FTSE All-World index has gained more than 4% in the past month. The flight from safety Perhaps more significantly, investors have also been baling out of safe-haven assets. The ten-year US treasury yield is now up to 1.94% from a low of 1.50% just last month. The yields on ten-year French…

access_time1 min.
will the yuan’s recovery last?

“China very much wants to make a deal”, US president Donald Trump declared over the weekend. “Their supply chain is all broken, like an egg.” Rumours that a forthcoming “phase one” deal between Washington and Beijing could include the rollback of some existing tariffs sent China’s yuan through the symbolically important seven-to-the-dollar mark for the first time since August last week. It reached 6.98 to the greenback. China’s currency made headlines over the summer when policymakers in Beijing allowed it to fall to an 11-year low against the dollar, sparking US claims that the country was a “currency manipulator”. The value of the yuan is set through a “managed float” system, with the price determined by a combination of market forces and central bank intervention. August’s move above the seven-to-the-dollar mark,…

access_time1 min.
cheap money flood buoys us housing

America’s housing market “keeps humming along”, says Paul La Monica for CNN Business. Builders’ sentiment in October reached its highest level since February 2018, according to the National Association of Home Builders. With the Federal Reserve cutting interest rates, cheaper mortgages are likely to prompt more young renters to buy. America is still far from a repeat of the mid-2000s boom that gave the world the sub-prime crisis. The data paints a picture of only “modest strength”, says Laura Kusisto for The Wall Street Journal. The average national home price rose 3.2% in the year to the end of August. Growth has been strongest in affordable markets such as Phoenix, Arizona. Prices in richly valued west-coast cities are stagnating. American homeowners have their “property-developer president” to thank for the buoyant market, say…

access_time1 min.
viewpoint

“Data covering… trucks [and] chemical tankers… indicate real problems in the industrial economy. Manufacturers seem to have little faith consumers will keep buying at the rates they are. And, given how much consumer spending is debt-financed, they’re probably right to be cautious. Strong retail spending is not necessarily positive. Consider this… from a report from November 2007. ‘The Friday after Thanksgiving is known for heavy spending in retail stores, but it’s clear that consumers are increasingly turning to the internet to make their holiday purchases... Online spending on Black Friday has historically represented an early indicator of... [the] rest of the season... That the 22% growth rate versus last year is outpacing the overall growth rate for the first three weeks of the season [is] a sign of positive momentum.’…

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