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MoneyWeekMoneyWeek

MoneyWeek

Issue 969

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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from the executive editor...

With the collapse this week of Woodford Investment Management, the fall from grace of the man once fêted as Britain’s best fund manager is pretty much over, bar the shouting. I look at the fallout in more detail on page 16, but what worries me (and lots of other financial writers) right now is that people will take the wrong lesson from the Woodford debacle. It might be tempting to throw up your hands and conclude – as many of the celebrities interviewed in the newspaper money sections appear to – that stockmarkets are one big gamble, and that you can’t go wrong with bricks and mortar. Unfortunately, sticking your head in the sand is not an option. These days, most of us have to provide for our own financial future…

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crypto-flop of the week

In June, social-media giant Facebook (founder Mark Zuckerberg, pictured) unveiled ambitious plans for a digital currency called Libra, which it hoped would be used globally as a secure and trusted means of payment. It had lined up a host of financial institutions, including PayPal, Mastercard, Visa and eBay, under the umbrella of the “Libra Association”, to lend it authority. Now, it looks to be unravelling. Seven of the original 28 backers, including those just mentioned, have pulled out. The world’s financial regulators and central bankers were never happy about the idea that Libra would compete with sovereign currencies. US president Donald Trump dismissed it on Twitter and France and Germany both said they could block it. Meanwhile, the Financial Stability Board (an international body that monitors the financial system) told…

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trade truce: both sides back down

China and America have agreed to a “pretend trade deal”, says Christopher Balding in Foreign Policy. Donald Trump has lauded a “phase one” trade agreement, but the details are so thin that the Chinese side preferred not to use the term “deal” at all. That didn’t stop the markets cheering. Both US and Chinese stocks rose on the announcement, with both America’s Nasdaq and S&P 500 up more than 1% last Friday. US stocks recorded their first weekly gain in four weeks. The agreement is “very preliminary”, Warren Maruyama of Hogan Lovells told Barron’s. “Markets have been extraordinarily gullible.” Both sides have cracked The latest developments amount to a “ceasefire” rather than a peace treaty, says Arthur Kroeber for Gavekal Research. Washington has agreed to cancel upcoming tariff hikes, with Beijing promising…

access_time1 min.
ignore the wild swings – uk stocks are a buy

The FTSE 250 had its best day in nine years at the close of last week. News of “positive” discussions between Boris Johnson and Irish counterpart Leo Varadkar revived hopes of a last-minute Brexit deal. The index, which contains medium-sized firms, surged by 4.2% last Friday. Sterling served up its best two-day performance in a decade, although that only took it back to where it was when Johnson entered Downing Street this summer. Dublin’s stockmarket leapt 3.38% on the news, adds Gurpreet Narwan in The Times. The FTSE 100 index rose a more modest 0.8%. That is because not all of the UK’s largest companies would gain from a deal, says Bloomberg. A withdrawal agreement would trigger a big leap in the pound, which would weigh on the profits of businesses that…

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global stocks will catch upwith us

“When stock investors chase after winners, it is striking how often they end up in the US,” says Michael Mackenzie in the Financial Times. So complete has the country’s equity dominance become that “all of the top five stocks in the FTSE All World index by market weight” are American tech giants. Wall Street stocks have “eclipsed” others over the past decade and continued to outperform this year. Yet as Emily Bary points out on MarketWatch, the S&P 500 has officially entered an “earnings recession” after corporate profits fell in both the first and second quarters of this year. Upcoming US third-quarter earnings are expected to be little better, says John Authers on Bloomberg. Brokers are warning clients of another outright decline, although we will have to wait for the actual…

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viewpoint

”Hats off to Hargreaves Lansdown. In a year that has seen serious financial losses for 290,000 of its clients [thanks to the Woodford debacle], you might think there’d be some backlash. [Yet the latest] trading statement reveals that instead new clients keep rocking up... and that assets under administration passed £100bn. That’s an astonishing amount for a firm that [simply] provides a platform from which clients can pick savings schemes... nothing particularly complicated is being achieved here. The evidence for that comes in extraordinary profit margins of nearly 64%... In other sectors... a profit margin of [even] 6.4% would be a cause of... [worry] that government authorities were poised to intervene on competition grounds... perhaps it is time [brokers] faced a probe... clients are plainly happy with the service... it…

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