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The Site has been approved for issue in the UK by AHR Financial Planning Limited trading as AHR Private Wealth. AHR Financial Planning is authorised and regulated by the Financial Conduct Authority (“FCA”), and is entered on the Financial Services Register with the firm reference number 208467.
AHR Financial Planning is part of a global group of businesses known asThe AHR Group. AHR Financial Planning Limited is registered in England and is established at 56, Wentworth Road, Blacker Hill, Barnsley, United Kingdom, S74 0RP, which is its registered office.
Unless otherwise stated in relevant sections of the website, this website is targeted at investors who are generally classified as qualified, professional, accredited or institutional. The information contained in this website is directed only at persons in a country or jurisdiction where access to the information and the use thereof is not contrary to local law or regulation. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction when accessing the information contained in this website. In particular, no offer or invitation is made to any US persons (being residents of the United States of America or partnerships or corporations organised under the laws of the United States of America or any state, territory or possession thereof), who are excluded from the services, funds and products included in this site. There will be no public offering of services, funds and products in the United States.
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In these Terms
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These Terms cover your use of this Site. All products and services provided by members of the AHR Group have their own terms and conditions (the ‘Product Terms’). You must read both the Product Terms and these Terms. To the extent that the Product Terms conflict with these Terms or any Local Sites’ terms and conditions then the Product Terms will prevail.
We are required by law to tell you that the terms and conditions are in English and that we will communicate with you in English.
From this Site we may provide information or hyperlinks to other websites or pages provided by other entities within the AHR Group (‘Local Sites’) and other parties. Your use of Local Sites and other parties’ sites may be subject to their own terms and conditions. You should read them.
This Site is intended for those who access it from within the United Kingdom. Because of this we cannot guarantee that the Site, or the information thereon, complies with the local laws or regulations of, or is appropriate for use in, any other jurisdiction from which you access it. If you choose to access this Site from a jurisdiction other than the United Kingdom you do so at your own risk and the AHR Group will not be liable for any breach of local law or regulation that you commit as a result of doing so.
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If any part of these Terms is found by any court or other competent authority to be invalid, unlawful or unenforceable then such part shall be severed from the rest of the Terms which shall continue to be valid and enforceable to the fullest extent permitted by law.
Changes to our Terms
You acknowledge that we may amend these Terms from time to time, at our sole discretion. If we elect to amend these Terms, the revised version will be posted on the Site. You undertake to check the Site regularly for any changes we may have made since your last visit to the Site, since any such changes will be binding on you. By using the Site after we have changed or amended these Terms, you acknowledge that you will be accepting those changes or amendments.
These Terms & Conditions were last updated on 6th February 2019.
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The Content, including layout, of this Site or products or services available via this Site may be wholly or partially suspended, withdrawn or changed at any time.
We also reserve the right at any time to immediately suspend the provision of all or any part of this Site to you and/or block your access to this Site.
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Not all the products and services that you may be able to view via the Site are available in all geographical locations. The relevant AHR Group member reserves the right to make the final determination on whether or not you are eligible for any particular product or service.
If you choose to enter a website outside your country of residence, you are advised that it may not be legal in that jurisdiction for you to access or use the facilities available on that site and the legal requirements of that jurisdiction may prohibit you from dealing or otherwise transacting in that jurisdiction. No member of the AHR Group will be liable for any breach of local law or regulation that you may commit as a result of using and accessing a website in a country in which you are not resident.
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Before you make any decision or take any action that might affect you or your personal finances or business, you should always consult a suitably qualified professional adviser(s) to obtain appropriate financial, legal, accounting, tax and other advice.
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The above exclusions apply to any damage which is direct, indirect, special, incidental or consequential or consists of loss of profits, business, opportunity or data.
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Our monitoring of communication
To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.
Data protection and Privacy
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The courts in England and Wales will have non-exclusive jurisdiction in respect of any dispute which may arise in connection with the Terms or your use of this Site.
Weekly Market Update Monday 16th January 2023
US inflationary pressures ease, setting equity and bond markets up for a rally
Year-on-year US inflation data weakened in the month of December, falling to 6.5%, down from 7.1% recorded the month before. This, combined with softer average hourly earnings data released last Friday, which came in at 4.6% for the year to December versus 4.8% in the previous month, set markets up for a rally. Expectations rose for a smaller, quarter of a point rate rise at the Federal Reserve’s January meeting, with the expected peak in rates falling beneath 5%. European industrial production for the month of November exceeded forecasts, rising by 1.0%, easing fears over the severity of any impending recession. Whilst UK GDP growth for November eked out an increase of 0.1%, beating estimates of a fall of 0.2%. A sharp fall in European energy costs, helped by a mild winter, has no doubt been a significant contributing factor.
Hong Kong stocks close to a 50% rise since their 2022 low
As of 12pm on Friday, London time, the US market rose by 2.3% over the week, whilst the US technology sector recorded an increase of 4.1%. European and UK stocks rose by 1.6% and 1.8% respectively, whilst Japanese equities rose by 1.5%. The Australian market increased by 3.1%, supported by rising metal prices, a result of the relaxation of Covid restrictions in China. Emerging markets were up 3.0%, with the Latin American component increasing by 4.8%, also benefitting from the rebound in commodity prices. Hong Kong and Chinese stocks continued their recent recovery, rising 3.6% and 1.2% respectively, with the former having risen by 48% since their 2022 low point hit at the end of October.
On the back of the decline in inflation, government bond markets also rallied, with 10-year US Treasury yields, which move inversely to price, falling to 3.47%. German bund and UK gilts also rallied, with 10-yields falling to 2.13% and 3.33% respectively.
Easing Covid restrictions in China supports rising commodity prices
Gold continued its steady ascent, rising 2.0%, now trading at $1,907 an ounce, having risen over 15% since its low in November. Whilst copper prices leapt up to $9,169 a tonne, an increase of 7.0%. Iron ore increased by 5.7%, and crude oil rose by 7.8%, with Brent crude now trading above $80 a barrel at $84.7. All beneficiaries of the relaxation of Covid rules in China and a weakening in the US dollar as US interest rate expectations are dialled down.
US dollar weakens as rate expectations abate, boosting liquidity in financial markets
The US dollar index, which is a measure of the US dollar against a basket of internationally traded currencies, fell by 1.4% over the week, with the Euro worth $1.08, and Sterling close to $1.22. However, the biggest move amongst the more actively traded currencies was reserved for the Japanese Yen, which strengthened by 2.6% versus the Dollar, 1.9% versus Sterling and 1.0% versus the Euro as markets applied pressure to the Bank of Japan to further relax their yield control measures on the 10-year JGB (Japanese Government Bond). Japanese inflationary pressures have gradually increased in recent months, with core inflation, that is, excluding food and energy, hitting 3.7% in November, a high number by Japan’s standards!
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