20th February 2023

Weekly Espresso

The infoshot to help kick-start your week

Last Week

  • US inflation ran at 6.4% in the 12 months to January, down by 0.1% from December. While this marks inflation cooling for the 7th month in a row, prices continue to rise at an unhealthy rate, far above the Fed target. Notably, housing costs, one of the biggest components of the price index, has climbed over 7%. Furthermore, the jobs market has remained more robust than anticipated, sparking debate over how high rates will have to go to reign inflation in to the 2% target.

  • Inflation in the UK also fell, for the third month in a row, with prices rising 10.1% to the end of January, with the biggest factors in the decrease being falling fuel prices, as well as a drop in the cost of eating out. However, food inflation remains at a 45-year high, up 16.7% to January. Matt Hood, managing director of Co-op food, warned that prices are likely to remain elevated this year, as costs for grocers continue to rise.

  • UK retail sales increased in January despite the rising cost of living, as post-Christmas sales breathed some life back into the sector. Sales rose by 0.5% in January, following a decline in December. However, experts warn that once the discounts inevitably fade away, it would be difficult for the retail sector to maintain the strong momentum we’ve seen at the start of the year.

Market Pulse

Coming Up

  • UK PMI data (all sectors) released February 21st, 9:30am.
  • EU CPI (JAN YoY) data released February 23rd, 10:00am.
  • US Initial Jobless Claims released February 23rd, 2:30pm.


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 31/01/2023


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    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.

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