The unprecedented events in the US have caused disruption to all world financial markets. At present...
The unprecedented events in the US have caused disruption to all world financial markets. At present there is insufficient information to give any reasoned investment comment.
Markets have fallen sharply as an immediate response, yet beyond the initial shock at the scale of the human catastrophe, it is difficult to assess the extent of the impact on the global economy.
Markets have already declined over past months in anticipation of an economic slowdown, and central banks are reducing interest rates to stimulate growth, and are likely to provide further liquidity to the financial system. Thus, we believe that investors should be cautious in reacting to the tragedy in the US.
Our fund managers are assessing the consequences for companies and markets, and we will make regular reports available.
Given the current stability of the UK and Continental European equity and bond markets we will transact customers' orders in the funds invested in these markets at today's valuation.
At present, we are not able to price and therefore transact deals in those funds invested in the US, Far East, and emerging markets. We will transact customers' orders in all markets at the next available valuation point, when prevailing market prices are deemed to be fair and accurate. We will be unable to advise in advance of each valuation point, but we will seek to provide regular updates.
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Responding to letter from Treasury Committee chair Nicky Morgan