2nd May 2023

Weekly Espresso

The infoshot to help kick-start your week

Last Week

  • The US economy slowed in the first quarter of 2023, as businesses reduce investment in the face of higher borrowing costs. The economy grew 1.1% on an annualised basis, down from 2.6% in the previous quarter. The economy contracted in the first half of last year following a sharp decrease in home sales. More recently, a strong job market has kept consumer spending – the main driver of economic activity – resilient, as analysts weigh up the probability of a recession.

  • BP posted profits of $5bn in the first quarter of the year, as energy prices remain high. While this is down from $6.2bn last year with oil prices having fallen from the peak seen after Russia’s invasion, it has led to the latest in a number of calls for energy firms to pay higher taxes. Nick Butler, a former BP executive, stated that the profits come from ‘good internal business performance’ as well as high global prices. He noted however, that he expects profits to come down this year as oil and gas prices fall back.

  • Regulators seized control of First Republic Bank and solid it to JPMorgan Chase on Monday, a dramatic move aimed at curbing a two-month banking crisis that has rattled the financial system. It is the largest of the 3 failures year to date, and the second-largest US bank by assets to collapse, trailing Washington Mutual which failed in 2008. Jamie Dimon, JPMorgan’s chief executive said “this part of the crisis is over” and the move was actually taken positively by investors, sending JPM’s stock 3.5% higher on Monday.

Market Pulse

Coming Up

  • Fed Interest Rate Decision released May 3rd, 7:00 pm.
  • ECB Interest Rate Decision released May 4th, 1:15 pm.


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.Open document settingsOpen publish panel

Risk Barometer


as at latest realignment 28/04/2023


    Subscribe to our blog and get our best content in your inbox.

    Copia Capital Management

    Hamilton House, 1 Temple Avenue, London, EC4Y 0HA

    Understanding the risks

    This information is intended for professional financial advisers only. Copia does not provide financial advice. This information is not intended as financial advice and should not be interpreted as such. Model investment portfolios may not be suitable for everyone. The value of funds can increase and decrease, past performance and historical data cannot guarantee future success. Investors may get back less than they originally invested.

    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.

    © 2021 - 2023 Copia Capital

    Advisers, staff of professional firms and other eligible counterparties

    I work for an advisory / professional firm or other eligible counterparty.

    I will take responsibility for any jurisdictional restrictions that apply to the services described by this website in accordance with applicable law and regulation.

    I have read and accept that Cookies are used on this website.  I understand that a Cookie will show that I have accepted the terms to access this website.

    Customers and prospective customers

    I confirm that I am resident in the UK or other EU Country and I am not a US citizen.

    I have read and accept that Cookies are used on this website.  I understand that a Cookie will show that I have accepted the terms to access this website.

    The content of this website may only be viewed by persons that meet either of the above conditions.  If neither option is applicable please click here which will close this webpage.