Client Update - 11th November 2022
I wonder when we will get a quiet week with no news of note to report on and I can instead write about England’s fantastic semi final victory over India in the cricket? It seems, unfortunately, that it is not this week – although well done England and good luck to the Women’s Rugby team in their World Cup Final tomorrow.
As I write this update on Thursday afternoon, we are digesting an updated inflation report from the US that shows US consumer price inflation has fallen to its lowest level since January. This is good news one would think. US markets certainly think so and I imagine talk will revert quickly back to the US Federal Reserve being able to stop rate rises sooner than they suggested last week. What a difference a week makes. With the US mid-term elections being much closer than expected, with better performance for the Democrats cooling talk of a triumphant return to the Presidency for Donald Trump in a couple of years time. Boris failed in his more recent comeback; I wonder if Donald will as well.
It may only be a few weeks that Rishi has been in No 10, but he has already seen the departure of Sir Gavin Williamson as allegations of bullying were leaked to the media. Forced into a turnaround on a few matters since he became Prime Minister, I would imagine so soon after having to defend Suella Braverman, this is the last thing he wanted as he attends the COP27 summit in Egypt. The Home Secretary has been in the news again this week as Just Stop Oil activists continue to cause chaos on the M25.
COP27 certainly seems to be a little lower profile than last year’s event, possibly due to location and other events in the world competing for headlines. If you thought that hundreds of private jets flying into Sharm El Sheikh for the conference was in itself not particularly good news for the environment, it was further interesting to read US House speaker Nancy Pelosi’s comments. When attending COP27 she spoke about how much work there is still to do on fighting climate change when “as you would say there is a disagreement on this issue with Democrats and Republicans, they all say (climate change) is a hoax and we have to get past that”. Oh dear, it appears there remains great progress to be made on this incredibly important topic. She went on to say “we have to save the children, it’s a moral issue. We cannot have political disagreements over this or let the fossil fuel industry cramp our style. The need is great enough and the urgency is clear enough”. I would certainly hope so.
Away from politics and the market, today marks 104 years since the end of the First World War and over the weekend we will have the opportunity to pay our respects to the brave men and women who courageously defended our country. For our tomorrow, they gave their today and on this special day we honour them. Please do have a good weekend and at least it has stopped raining, for now.