Global Market Commentary – October 2024
The cost of borrowing has risen sharply in the past few weeks for the UK and US governments. This has caused stock markets to pause for breath after making strong gains.
The cost of borrowing has risen sharply in the past few weeks for the UK and US governments. This has caused stock markets to pause for breath after making strong gains.
Yesterday, Chancellor Rachel Reeves delivered her Autumn Statement. We have sifted through the details and hope the following review, which we feel will be the most significant to our clients, will be helpful.
Asia remains the centre of attention on the back of a major Chinese stimulus program which has triggered a sharp rally in its stocks. This comes after two months where Japan experienced significant currency volatility and a “flash crash” in its stocks.
August began with a “flash crash” in Japanese stocks which declined 20% in the course of three trading days, following sharp movements in foreign exchange rates.
On 1 April 2024, criminal penalties for non-compliance with duties under the Register of Persons Holding a Controlled Interest in Land (“RCI”) came into force. We asked one of our professional colleagues, Louise Johnston, a Partner at leading law firm Turcan Connell, to outline the implications.
It is now more than 12 months since the launch of the MGTS Qualis Funds and in terms of both performance and asset growth, they have been a success.
2024 has been a very good year for investors so far, with stock markets in the UK, US and Europe all reaching record highs. Signs of weakness have emerged in recent weeks, as companies report their latest earnings: valuations in the US are high and some profit taking has occurred. The UK stock market appears cheaper, with an improving economy to boot. Many investors believe inflation is finally under control.
2024 always promised to be a busy year for elections, with one half of the world’s population heading to the polls. As far as financial markets are concerned, political surprises have now bubbled up in several countries within a short period of time. With much still to be decided by voters, there is greater uncertainty in the short-term investment outlook. However, inflation remains on a declining path in the UK, US and Europe, while economic growth appears strong.
Wednesday 5 April 2024 sees the end of the current Tax Year. Following the Chancellor's continued plans to freeze and in some case reduce Tax-free allowances, it's more important than ever to make the most of some timely Tax planning.
STOCKS BEGIN TO MOTOR -
In June 2023 we asked whether a new bull market had begun. Nine months later, we have our answer. The MSCI World index moved to new all-time highs in February. The US and Japanese stock markets have led the way, while others are yet to catch up - including the UK’s.
A Steady Start to 2024 -
The year has begun on a tentative footing following the excesses of November and December, when asset prices galloped higher. Investors have paused to reflect on the ‘wall of worry’ that is said to accompany most bull markets.
In November 2023, HMRC launched a new voluntary disclosure route to allow individuals with undeclared capital gains tax (CGT)…