Blog

17th February 2020

Monday Espresso

Last week, Boris Johnson reshuffled his cabinet and confirmed that Business Secretary Andrea Leadsom, Housing Secretary Esther McVey, Defra Secretary Theresa Villers and Secretary of State for Northern Ireland Julian Smith will no longer be a part of the reshuffled government. British Chancellor of the Exchequer Sajid Javid resigned on the same day as he refused to fire his special advisers, which he was told to by Johnson.

The number of people infected by coronavirus in China jumped to 64,453 as China changed the method of counting the infected cases. Meanwhile, the death toll rose to 1,383 as of February 14.

On Thursday February 13, Tesla issued $2 billion of common stocks to improve the company’s balance sheet. On the same day, Ebay announced its expansion of its share buyback program in 2020 from $1.5 billion to $4.5 billion after finalising the sale of StubHub to Viagogo.

On Friday February 14, the seasonally adjusted GDP of euro area was released, showing a growth rate at 0.1% in the fourth quarter of 2019 compared to the third quarter. Annually, it increased by 1.0% compared to Q4 2018. As Europe’s largest economy, Germany GDP did not change in the last three months of 2019.

  On Wednesday February 19, UK CPI for January will also be announced, with an expectation of 1.40% YoY.

Eurozone Composite PMI will be reported on Friday February 21 and is expected to come in at 51.0.

+0.62*

-1.0     A score of -1.0 indicates an extremely poor economic outlook, which is accompanied by a high probability of negative returns in risky asset classes like equities. The Risk Barometer tilts our portfolios away from equities during such periods.

0.0       A score of 0 indicates a neutral economic outlook with almost equal probability of positive and negative returns in risky asset classes like equities. The Risk Barometer maintains a balance between equities and other asset classes during such periods.

+1.0   A score of +1.0 indicates an extremely positive economic outlook, which is accompanied by a high probability of positive returns in risky asset classes like equities. The Risk Barometer tilts our portfolios towards equities during such periods.

*as at latest realignment 31/01/20

Notice:

The performance of each asset class is represented by certain Exchange Traded Funds available to UK investors and expressed in GBP terms selected by Copia Capital Management to represent that asset class, as reported at previous Thursday 4:30pm UK close. Reference to a particular asset class does not represent a recommendation to seek exposure to that asset class. This information is included for comparison purposes for the period stated, but is not an indicator of potential maximum loss for other periods or in the future.

Risk Barometer

0

as at latest realignment

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    Copia Capital Management

    Fleet House, 8-12 New Bridge Street, EC4V 6AL

    Copia Capital Management is a trading name of Novia Financial Plc. Novia Financial Plc is a limited company registered in England & Wales. Register Number: 06467886. Registered office: Cambridge House, Henry St, Bath, Somerset BA1 1JS. Novia Financial Plc is authorised and regulated by the Financial Conduct Authority. Register Number: 481600.

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