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Smelling of Roses

Move over Sepp, says David Cowell of Myddleton Croft Investment Manager. There’s a new boy getting all the media attention now.


 

junckerFollowing the release of documents detailing how Luxembourg helped companies avoid paying taxes, it will be interesting to hear how European Commission president Jean-Claude Juncker extricates himself smelling anything less than tainted. Juncker has come under pressure over claims that some 340 global companies were granted deals to help them avoid tax during his 18 years in office. The European Commission has begun an investigation. I wonder if it will end up like the FIFA one?


 

The Gherkin has been bought by a Brazilian billionaire. Joseph Safra is reported to have paid more than £700m. I thought Brazilians ate manioc and beans.


 

myddleton croft


 

UK unemployment fell by 115,000 between July and September to 1.96 million, according to the Office for National Statistics. It was the 18th consecutive fall in the total, the ONS said. Average earnings growth beat inflation for the first time in five years.


 

Figures from the US seem to point towards something like a 3% growth in GDP this year but equities are still fully valued. At Myddleton Croft we are sticking to the dollar.


 

The BoJ will triple its purchases of ETFs and J-REITs, which will make the BoJ the largest buyer of Japanese equities. Moves to lower the yen and raise stock prices are key to the BoJ’s own strategy.

GPIF, the government pension fund which manages 127.3 trillion yen, revealed plans to reduce domestic bonds while setting allocation targets of 25% each for Japanese and overseas equities, up from 12% each. A couple of years down the line this could be a major problem, but in the interim just watch Japanese equities.


 

A survey of advisers by unbiased.co.uk estimated that they would increase their clients’ income by an average of 28% if they sought advice at the point of retirement.


 

Asset managers deserve to be paid up to a third of the alpha they generate, Towers Watson’s EMEA head of investment has suggested. Ed Francis believes asset managers should potentially be paid more than they are currently for their skills, in recognition of the benefit they can provide to clients. Why would I disagree with such laudable sentiments?


 

A deal to give global investors easier access to China’s $3.9 trillion stock market lifted world shares to their highest in over a month on Monday.


 

Paddy thought his new girlfriend might be the one. But after looking through her drawer and finding a nurse’s outfit, a French maid’s outfit, and a policewoman’s uniform, he finally decided that if she couldn’t hold down a job, she wasn’t for him.


 

Have a good weekend.

David Cowell

Director

For and on behalf of Myddleton Croft Investment Managers

1 Woodside Mews

Clayton Wood Close

Leeds

LS16 6QE

Tel:        0113 274 7700

Fax:       0113 274 7711

www.myddletoncroft.co.uk

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