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Contents Click on the links below to get to the stuff you really really want. USA – Stocks tumble after steps to remove Chinese company apps (#USA) UK – Prospects of more lockdown restrictions send stocks tumbling led by travel and leisure (#UK) Continental Europe – Spanish banks led falls on Friday (#Europe) Elsewhere – Stocks down this morning led by Hong Kong (where Chinese companies are listed for international trading) (#Elsewhere) WTF – Did you hear about… (#WTF) Links (#Useful) Numbers (#Numbers) Ts & Cs (#Ts+Cs)
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USA
The US administration took steps to kick out Chinese-owned apps from app stores from Sunday, namely those from WeChat and TikTok. While TikTok might be reinstated once its US operations are US-owned and controlled (it’s set to be bought by a US company), the move sent shockwaves across the global investor community.
The S&P 500 and the tech-heavy Nasdaq Composite both closed 1.1% lower on Friday, while the demand for and prices of lower-risk rated bonds rose.
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UK
Aside from the latest turn in the US-China spat, investors across Europe were dealing with the prospect of more lockdown restrictions as virus cases continue a worrying resurgence.
The FTSE 100 and FTSE 250 dropped 0.7% and 0.9% on Friday, with the latter being supported a little by the falling value of the pound.
The big losers were travel and leisure companies with British Airways owner, IAG, slumping by 14.6%. Oil prices were also down as concerns grew over lower general demand, and that pulled Shell and BP down (which account for around 15% of the FTSE 100). Financial stocks (including banks) also continued to fall as the prospects of low growth and low interest rates did little for their immediate future.
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Continental Europe
Spanish banks, which tend to rise quickly or fall quickly depending on the general mood of the day, led the falls on Friday. They were closely followed by the likes of VW, airbus and oil companies, leaving the Euro Stoxx 50 and German DAX down by 1.0% and 0.7% respectively.
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Elsewhere
Stocks have got off to a very negative start this morning with travel restrictions and the US-China spat both heading in the wrong direction. Hong Kong’s Hang Seng is down the lowest (it is where stocks in the Chinese companies targeted by the latest US missive can be bought and sold by people outside of China).
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WTF (What’s The Fact?)
Did you hear about the Amish girl who was kicked out of the community?
Too mennonite.
(Say it out loud if you didn’t get it at first. If you still don’t get it, then the references probably don’t mean anything to you)
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Links
Investopedia (www.investopedia.com/dictionary/) – Loads of free explanations of financial terms including some helpful videos. Not 100% accurate, but a good starting point Guffipedia (ig.ft.com/sites/guffipedia/) – Lucy Kellaway of the FT has collected some painful examples of corporate people disappearing up their own analogies Guardian (www.theguardian.com) – Free to access website with a couple of decent columnists (e.g. Nils Pratley and Larry Elliott) Times of India (timesofindia.indiatimes.com) – Why use five words when 37 will do? Daily Mail (www.theatlantic.com/magazine/archive/2016/07/the-war-on-stupid-people/485618) – Click it. I dare you.
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———————————————————— IMPORTANT This is my opinion. Yes I read a lot and share what I’ve read with you, but this content remains my opinion. It’s NOT advice. If you take my advice – don’t take my advice. Any decisions you make about investments, your hairstyle or whether or not to eat marzipan are entirely at your own behest. If you are too stupid to recognise the devil’s ear wax when you see it, then you’re on your own.
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