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August Market Review

Despite COVID cases continuing to be a problem, investors’ sentiment remained positive in the US, as economic data continues its strong rebound from the dismal figures reported in the first 2 quarters. Despite the reduction in unemployment benefits, the US registered an increase in retail sales and a sharp rise in existing home sales (+25% month-over-month), supported by (near) record low mortgage rates in the country. In the meantime, further stimulus to the economy are still being discussed, but the early signs of recovery are a welcomed development.

Outside the US spectrum, the FTSE 100 rose by a modest 1.1% in the month, continuing to underperform in 2020. Despite good numbers coming out of the UK, regarding manufacturing and services figures, and a good prospect of a strong recovery in Q3, the country’s main stock index is still lagging in comparison to its peers, and it has become apparent that, unsurprisingly, investors are largely in “wait and see mode” as Brexit becomes closer and closer to its final deadline and there are still many significant topics to be agreed upon with the EU. More recently, there has been increasingly more rumours regarding a “no-deal” Brexit and as these should intensify as we get near the finish line, it shouldn’t come as a surprise to see more volatility coming from the UK, in the coming weeks.

Overall this is how the major stock markets performed in August and year-to-date:

Taking action

Periods of extreme uncertainty are undoubtedly unsettling. Yet if you’ve no immediate need for your spare cash, and some set aside for emergencies, investing for your long-term future may provide a focus. At a time of worldwide turmoil, this could give you some sense of control over your long-term financial future. For clients with existing portfolios, now can be a very good time to review the risk strategy and weighting of the portfolio.

Feel free to contact me directly at any time should you have any questions

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Canary Islands Villa, Yours for 525 Bitcoins

BitcoinA luxury property in the Canary Islands is up for sale. No, this doesn’t sound like news, but there’s an important and unusual detail: the five-bedroom villa in the lofty hills of La Caleta, Tenerife, is being sold for 525 Bitcoins (approximately €3.2 million).

But why would someone exchange a near 2,700 square metre plot, comprised of house, swimming pool, gardens, Atlantic views and palm-lined outdoor eating area, for a “virtual currency”?

We have long been told that Bitcoin is a bubble that’s going to burst, so surely exchanging such a valuable asset for an unstable and unregulated “pseudo currency” is financial madness of the most extreme kind. There are certainly detractors of the currency, such as Warren Buffet, who would argue this point. Perhaps the vendor’s expat financial advisers in the Canary Islands should reach straight for the phone to dissuade him from such a move?

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New expat radio for Brits in France

It is thought that there are more than 200,000 British expats living in France and, although the country is only a short hop across the Channel, living there can sometimes be something of a sustained culture shock – even for the seasoned expat who has had years to acclimatise.

Yes, some expats still struggle a little with French life; whether it is because of confusion about making a QROPS or QNUPS transfer, difficulties negotiating France’s tax planning bureaucracy or uncertainty as to how best manage regular savings.

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