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D-PIMS Weekly Market Update - Week of 9th to 15th May 2022

Today’s Monday update:

Over the course of last week, market moving headlines were mostly related to the invasion of Ukraine and economic matters:

• On Monday, Russian chief negotiator Vladimir Medinsky said that peace talks with Ukraine had not stopped and that they were being held remotely, according to the interfax news agency. Moscow has accused Kyiv of stalling the talks and using reports of atrocities committed by Russian troops in Ukraine to undermine negotiations.

The European Union's envoy to Britain said the bloc was ready to restart talks on the Northern Ireland protocol after a pause due to recent elections, but would not overhaul the arrangement that is central to post-Brexit trading rules. "Let's be clear: we are not ready to renegotiate an international treaty that we signed just a couple of years ago. I think you will understand that," Joao Vale de Almeida told BBC radio on Monday. "But also it is clear in our mind that unilateral action creates more problems than the ones it solves. So we need to find jointly agreed solutions."

• Britain said on Tuesday, that it would take all necessary steps to protect peace in Northern Ireland, as it urged the European Union to show new imagination in talks to resolve problems with post-Brexit trading rules.

Ukraine said on Tuesday its forces had re-captured villages from Russian troops north and northeast of Kharkiv, pressing a counter-offensive that could signal a shift in the war's momentum and jeopardise Russia's main advance. By pushing back Russian forces who had occupied the outskirts of Kharkiv since the start of the invasion, the Ukrainians are moving into striking distance of the rear supply lines sustaining the main Russian attack force further south.

• On Wednesday, the U.S. House of Representatives approved more than $40 billion more aid for Ukraine, as Congress races to keep military aid flowing and boost the government in Kyiv as it grapples with the Russian invasion. The House passed the Ukraine spending bill by 368 to 57, with every 'no' vote coming from Republicans. The measure now heads to the Senate, which is expected to act quickly. President Joe Biden had asked Congress to approve an additional $33 billion in aid for Ukraine two weeks ago, but lawmakers decided to increase the military and humanitarian funding.

U.S. consumer price growth slowed sharply in April as gasoline prices eased off record highs, suggesting that inflation has probably peaked, though it is likely to stay hot for a while and keep the Federal Reserve's foot on the brakes to cool demand.

• On Thursday, the International Energy Agency (IEA) said the world will not be left short of oil, even with lower output from sanctions-hit Russia, in a U-turn after it predicted a possible "global supply shock" in March. Production ramping up elsewhere and slower demand growth due to China's lockdowns will forestall a big deficit, the Paris-based IEA said. The assessment by the Paris-based agency, suggests the economic impact from further sanctions on Russian energy mulled by the European Union, could be limited.

• Over the week, the main global stock markets were mainly down, especially India and the US, with the UK faring the best. Tensions over Russian sanctions and rising yields on Government Bonds weighed on markets. Over the week, the D-PIMS portfolios were down, although they were helped by their UK and China allocations.


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The comments made above represent our interpretation of events and market views and are in no way a guarantee of future investment performance.