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Goldman Sachs downgrades year-end market prediction

Goldman Sachs says it remains cautiously optimistic despite limiting its 12-month forecast for European equities to a rise of between 5 per cent and 10 per cent.

The US investment bank says it has lowered its forecast, because despite interest rate cuts in the UK and US, the market is not discounting the risks to earnings from weaker global growth and a weaker dollar.

It still favours continental business services, retailers, leisure and selected car manufacturers while it has reduced its recommended weight in energy and basic industries where companies are exposed to both growth and currency risk.


Edinburgh Fund Managers offers Pep protection

Edinburgh Fund Managers is claiming that it can offer IFAs&#39 clients security from current volatile market conditions using its new Pep Protection Strategy.This allows existing clients to transfer Peps into EFM&#39s protected equity fund and then switch free of charge to a growth or income fund. There is no initial charge on transfer of existing […]

Kensington aims mortgage at divorcees and self-employed

Kensington Mortgage Company has launched a fixed-rate mortgage of 8.99 per cent aimed at single parent families, divorcees and those approaching retirement.The rate is fixed until February 2000.The lender says it will also benefit contract workers, the self-employed and other workers who don&#39t meet the criteria of traditional high street lenders.Kensington has also launched a […]

Halifax and Pru deny merger speculation

Halifax and Prudential are refusing to comment on press speculation of a merger.Analysts have suggested that the two financial giants would fit together well, but there is substantial duplication between the respective IFA companies Halifax&#39s Clerical Medical and Prudential&#39s Scottish Amicable.The City has often expressing dissatisfaction with Halifax&#39s inability to capitalise on its market strength […]

PepDirect removes up front commission fees for pensions

PepDirect parent Torquil Clark is launching a radical flat-fee pensions dealing service that waives up-front commission fees.PepDirect will deliver the service through its TQ Direct Choice arm. For a flat fee of £50 plus VAT it will set up a pension with one of a panel of vetted providers without charging any initial commission.The providers […]


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