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MoneyWeek

MoneyWeek Issue 991

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
Frequency:
Weekly
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51 Issues

in this issue

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

“When we look back, we will see this as a period of financial and political reset” Right now, the UK stockmarket is cheap. Our 15-year-average CAPE (cyclically adjusted price/ earnings ratio) is 13 times; our trailing p/e 14; our price to book 1.8 times; and our dividend yield 3.8%. Early this week, Schroders’ Duncan Stott calculated those numbers to be 11, 10, 1.2 and 6.8%. At any other time I would tell you to rush out and buy. Fast. Some analysts are doing just that. John Cronin of Dublin-based Goodbody reckons March 2020 may well go down in history as “one of the best all time opportunities to go long equities and banks particularly”. He isn’t alone: alot of the analysts we respect are starting to see value in the wreckage.…

1 min.
grand gesture of the week

Spain’s King Felipe VI has renounced the inheritance of his “scandal-hit” father Juan Carlos, says the BBC. The palace said in a statement that Juan Carlos, who abdicated in 2014, would also stop receiving an annual grant of €194,000 (£174,800). The move came after the 82-year-old former king was heavily criticised for his “lavish lifestyle”. Juan Carlos, who reigned for 39 years, is also facing an investigation by the Swiss financial authorities and reportedly received $100m from Saudi Arabia in 2008 via an offshore account. King Felipe VI, 52, is trying to distance himself from his father’s affairs by giving up the money. For a long time, Spaniards held Juan Carlos in high regard for shepherding the country into democracy following the death of dictator Francisco Franco, says Jack Guy…

1 min.
good week for

Seven siblings will be able to forgo fighting over their late father’s estate after a McDonald’s napkin was formally recognised as his last will and testament by a Canadian court, says Will Pavia in The Times. Philip Langan, who died aged 80, scrawled his children’s names alongside the instruction to split his property evenly when he thought he was having a heart attack and later gave it to one of his daughters for safe keeping. UK record-label revenue hit fresh highs of £1.1bn, driven by the continued growth of streaming and investment in new music, says James Warrington in City AM. The figures mark the fourth consecutive year of growth and the highest level of annual revenue in over a decade.…

1 min.
bad week for

Art thieves stole three “high-value” Old Master paintings, including a Van Dyck, in a major burglary at an Oxford College, says Matthew Moore in The Times. Christ Church Picture Gallery is thought to be the only Oxbridge college to possess an internationally renowned Old Master collection. In what appears to be the highest fine for breaking quarantine, citizens in Western Australia who ignore a public health order relating to the coronavirus outbreak could be hit with a A$50,000 fine and spend up to 12 months in jail, says Eliza McPhee in the Daily Mail. In the north of Australia, Queenslanders could be fined up to A$13,345, while in New South Wales the penalty is up to A$11,000 and six months behind bars.…

2 min.
monetary bazooka misses its target

“Get ready for the Covid-19 global recession”, says Larry Elliott in The Guardian. With mass gatherings prohibited, borders closing and countries in lockdown the world economy is in line for a deep slump. On Sunday central banks in Europe, Asia and North America announced coordinated action to prevent liquidity from drying up. America’s Federal Reserve slashed interest rates to nearly zero and pledged $700bn in new asset purchases (with printed money). A terrifying plunge These measures failed to reverse the market rout. On Monday both the Dow Jones and S&P 500 recorded their biggest one-day falls in over 30 years, as both tumbled more than 12% in a single day. The VIX measure of market volatility, the so-called “fear gauge”, topped a record set in 2008 when it closed on Monday. “The S&P…

2 min.
china’s economy to shrink for the first time since 1976

Is China a safe-haven? Stocks in the country where the coronavirus originated have dodged the worst of the falls on Western indexes. The Shanghai Composite index is down by less than 10% since the start of the year, compared with 29%-33% losses in the US and Europe. China is gradually getting back to work but with tough restrictions, say Ryan McMorrow and Qianer Liu in the Financial Times. Employees often have their temperatures taken multiple times per day and most companies are only allowing about half of their workers back into the office. Compulsory face mask wearing remains common.“Halting the world’s second-largest economy has proved easier than restarting it,” writes Keither Bradsher in The New York Times. Most factories have reopened but are operating at two-thirds of their capacity, while tens…