D-PIMS Weekly Market Update - Week of 8th to 14th November 2021
Today’s Monday Update:
Over the course of the last week, headlines were mostly environment and Covid-19 related:
• From Monday, travellers who can show official proof of vaccination against COVID-19 and have had a recent, negative viral test can fly to the United States. The unprecedented travel ban, first imposed by the Trump administration, has dealt a huge blow to tourism but has also kept loved ones from attending weddings, funerals, or meeting new babies.
• On Tuesday, health minister Sajid Javid said health workers in England will have to be vaccinated against COVID-19 by April 1 2022, making it a mandatory condition of employment for those on the frontline of the National Health Service (NHS). "All those working in the NHS and social care will have to be vaccinated. We must avoid preventable harm and protect patients in the NHS, protect colleagues in the NHS and of course protect the NHS itself," Javid told parliament.
Prime Minister Boris Johnson, urged climate negotiators to do whatever was necessary to seal a deal at COP26, ahead of a trip to the Glasgow summit to hear what progress has been made. The talks have so far seen high-profile announcements that if enacted will go some way - but not far enough - to limiting the temperature rise to 1.5 Celsius. "We need to pull out all the stops if we're going to keep 1.5C within our grasp," the Prime Minister added.
China is ready to properly manage differences with the United States, President Xi Jinping has said, ahead of a virtual meeting with U.S. President Joe Biden. In a letter read on Tuesday by China's ambassador to the United States, Qin Gang, at a dinner of the National Committee on U.S.-China Relations in Washington, Xi said China was ready to cooperate with the United States on regional and global issues.
• On Wednesday, A surprise deal between China and the United States, the world's two biggest greenhouse gas emitters, has boosted the COP26 U.N. climate summit as it enters two last days of hard bargaining to try to stop global warming becoming catastrophic. The joint declaration said China, home to half the world's coal-fired plants, would begin phasing out its coal consumption from 2026-30 and also cut its emissions of methane.
• On Thursday, a closely watched survey showed that house price inflation in Britain picked up last month, propelled by a shortage of sellers that suggested further price rises lie ahead. The Royal Institution of Chartered Surveyors said a net balance of 70% of its members reported an increase in house prices last month, up from a revised 69% in September. A Reuters poll of economists had pointed to a reading of 65%.
South Korea demonstrated a system for controlling urban air mobility vehicles (UAM) on Thursday, which it hopes will serve as taxis between major airports and downtown Seoul as soon as 2025, cutting travel time by two-thirds. A pilot flew a two-seat model made by Germany's Volocopter at Seoul's Gimpo Airport to test and demonstrate its control and coordination.
• On Friday, negotiators at the U.N. climate conference in Glasgow were locking horns, for what was scheduled to be the final day of bargaining over how to stop global warming from becoming catastrophic.
Its ambition was clear: the U.N. climate summit was meant to secure a deal to give the world a chance to avert the worst impacts of climate change by capping global warming at 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels. The accord met that bar, but barely, and its ultimate success will be determined by the future actions of the governments that thrashed it out, according to the summit’s UK hosts, participants, and observers. "I think today we can say with credibility that we've kept 1.5 within reach. But its pulse is weak, and we will only survive if we keep our promises," the summit’s president Alok Sharma said late on Saturday after the pact was adopted.
• Over the week, the main Global Stockmarkets were mixed with some up and some down. Far Eastern Markets were the best performers. All the D-PIMS Portfolios were slightly down for the week.
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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.