20th March 2023

Weekly Espresso

The infoshot to help kick-start your week

Last Week

  • Last Wednesday, Chancellor Hunt announced the UK’s Spring Budget. The plan announced major changes to pensions, among others, with the Chancellor lifting the limit on tax-free pensions savings, and increasing the annual tax-free allowance from £40K to £60K. He also announced predictions for inflation and growth going forward. His announcement that UK inflation would fall to 2.9% by the end of the year however, was met with much scrutiny.

  • Last week, the global banking world was rocked after Credit Suisse stocks fell to record lows, creating panic and widening fears of the start of ‘another 2008’. At the end of the chaotic week, UBS, Switzerland’s largest bank, has agreed to buy their long-time rival for over $3bn, following emergency talks between the banks and the country’s regulators. The deal has been praised by many, and the Swiss National bank sees it is a way forward to restore the recently lost confidence in financial markets.

  • The ECB faced a dilemma last week over its decision to move forward with a large interest rate hike amid fears over the strength of the banking system, after Wednesday’s heavy Credit Suisse sell-off, which wiped more than £75bn off the FTSE 100. The collapse of SVB and CS’ turmoil saw analysts wind back their expectations for the hikes. The bank did however, opt for the expected 50 basis point increase.

Market Pulse

Coming Up

  • UK CPI (Feb YoY) data released March 22nd, 7:00 am.
  • Fed Interest rate decision released March 22nd, 6:00 pm.
  • BoE Interest rate decision released March 23rd, 12:00 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 28/02/2023


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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.

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