3rd October 2023

Weekly Espresso

The infoshot to help kick-start your week

Last Week

  • Eurozone inflation fell to its lowest level since October 2021 and sits below economists’ expectations. Consumer prices within the bloc rose 4.3% in September which was less than August’s 5.2% rate and below economist projections of 4.5%. This slowdown in inflation added to expectations that the European Central Bank may have reached a peak in interest rates.
  • Data from the Official of National Statistics shows that the UK economy has bounced back from the COVID-19 pandemic quicker than expected. In Q2 of 2023 GDP was 1.8% above pre-pandemic levels which is much higher than previous expectations of it sitting 0.2% below. The numbers now show that the GDP rebound has been similar to that of France and slightly better than Germany.
  • The pound fell to a new six-month low in the middle of last week as the pound recorded its worst month since last year’s mini budget. Sterling has been under pressure as concerns persist that high interest rates may tip the UK economy into a recession. At last week’s low, the pound was down 7.2% from the middle of July and 3.4% from the beginning of September.

Market Pulse

Coming Up

  • UK September PMI data released, October 4th, 9:30am.
  • US initial jobless claims data released, October 5th, 1:30pm.
  • US September unemployment rate data released, October 6th, 1:30pm.


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 30/09/2023


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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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