D-PIMS Weekly Market Update - Week of 20th to 29th September 2019
Today’s Weekly Update:
There was not a lot of news over the course of last week, but what there was created a stir!:
• On Tuesday the UK Supreme Court finally handed down their ruling that the Prorogation of Parliament is illegal and therefore null and void as if it did not happen. They said what happens next is up to Parliament, particularly the Speaker, so no surprise that he called for the immediate recall of Parliament. The £ strengthened on the news. There were the inevitable calls from the opposition for Mr Johnson to resign, however, later in the day it was revealed that the Attorney General, Jeffrey Cox, had advised the PM that the Prorogation was legal.
• Wednesday saw Parliament return amid furious exchanges, but no actual progress. Still gridlocked with no movement forward with either a resolution to Brexit or holding a General Election. Market sentiment did improve however, after Trump Tweeted that ”a trade deal with China could come quicker than people think”.
• In the US, the Democrat led House of Representatives started an ‘impeachment probe’. How far this will go is hard to predict, but if past such proceedings are anything to go by, it is not that likely to succeed.
• Over the week the world’s Stockmarkets were mixed with some up and some down. All of the of the D-PIMS Portfolios saw some gains.
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Past Performance is no guarantee of, or guide to future returns.
The comments made above represent our interpretation of events and market views and are in no way a guarantee of future investment performance.