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Investment analysis

Stockmarkets around the world continued their recovery last week, with many recapturing their pre-September 11 levels.

Technology stocks again led the way following better than expected results from Juniper Networks and Yahoo. In the US, the Nasdaq 100 jumped by 9.6 per cent while the UK&#39s Techmark ended the week 9.1 per cent higher.

Although stocks ended the week higher, news on the US economy was generally poor, with retail sales falling at their fastest rate for nine years during September while wholesale prices rose by a higher than expected 0.4 per cent for the second month running.

The one bright spot was the latest University of Michigan survey which showed an unexpected improvement in consumer sentiment.

In the UK, shares were making excellent progress until late on Thursday, when second-quarter sales figures from BT sent the market into reverse.

However, it was still a good week for the market as a whole, with the FTSE 100 rising by 2.2 per cent while the FTSE 250 and small-cap indices made up some of their recent underperformance, ending the week 4.1 and 5.2 per cent higher.

European equities also produced good returns despite the Central Bank&#39s rather disappointing decision to leave interest rates on hold. In France, the CAC40 rose by 4.1 per cent while the German Dax ended the week 3.1 per cent higher.

In the Far East, it was another good week for Japan, with the Nikkei 225 rising by more than 4 per cent for the second week on the back of strong buying of technology stocks.


Davies vows to review Treasury loan decision

FSA chairman Howard Davies has promised to conduct a rev-iew of the Treasury&#39s decision not to regulate mortgage adv-ice very soon and could recommend regulating advice if the current set-up is not working.Davies&#39 comments before the Parliamentary Treasury select committee this week mark a departure from previous FSA statements.The regulator has said in the past […]

Why the charge cap does not fit

Is the end of the 1 per cent world nigh? There are signs of a Government rethink, so maybe. There are strong arguments that personal pension charges were too high in the past.Stakeholder has helped cure that com-plaint but the medicine risks finishing off the patient. The charge cap may be too low for the […]

Morley Fund Management – UK Focus Fund

Friday, 19 October 2001.Type: Oeic.Aim: Growth by investing in a concentrated portfolio of between 30 and 40 UK stocks.Minimum investment: Lump sum £5,000.Investment split: 100 per cent in a concentrated portfolio of between 30 and 40 UK stocks.Isa link: No.Pep transfers: No.Charges: Initial 5 per cent, annual 1.5 per cent.Commission: Initial 3 per cent, renewal […]

Lloyds TSB threes up links

Lloyds TSB has introduced a guaranteed equity bond that offers investors a minimum return of 20 per cent plus their original capital after five years. The London guaranteed equity savings account is only available over the phone. It is linked to the performance of three stockmarket indices, the FTSE 100, Eurostoxx 50 and Nikkei 225. […]

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What price (more) freedoms?

George Osborne will make his last Budget speech of the current parliamentary term this week, and the early media briefings suggest that pensions will again feature heavily in that statement. So what are we able to learn from the weekend’s coverage?


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