cityam--2020-12-29--Inside Zenvo: the supercar company from Denmark

Take a stroll along Sloane Street and – in any more normal month – you ’ ll spot more Ferraris than you can shake a Gucci loafer at .
But you ’ ll never see another Zenvo .
Danish marque Zenvo builds just a handful of cars each year , making each one fabulously exclusive – and fearsomely expensive .
If you have seven figures to spare and want the ultimate road-legal rush , they are happy to help .
We spoke to James Bannister , PR and Marketing Director at Zenvo , to discover what makes this innovative and @ @ @ @ @ @ @ are cars for driving , not parking outside Harrods , ” he says .
Music to my ears… Where did Zenvo come from ?
“ Zenvo is based in a beautiful small town called Praesto , near Copenhagen .
Think of it as the Danish Henley-on-Thames .
That ’ s where founder Troels Vollertsen grew up .
Having done lots of consulting in the car industry , Troels had a vision for a supercar that combined cutting-edge tech with a tactile feel .
“ He founded Zenvo in 2004 and our first car @ @ @ @ @ @ @ ” “ We ’ re not here to chase numbers in the horsepower race .
Equally , we ’ re not about to weave gold into seat fabric .
We just want to create the best supercar possible .
Scandinavians talk about the law of Jante , which says it ’ s good to be humble .
Zenvo has that outlook : our cars speak for themselves .
“ The other point of difference is exclusivity .
Each Zenvo is unique , built to the buyer ’ s exact specification , and they @ @ @ @ @ @ @ How many other car companies can say that ?
” There ’ s more than one Zenvo , right ?
“ Yes , there are three models at present .
The TS1 GT is our high-performance grand tourer , the TS-R is a lightweight , track-focused version of the same car , and the flagship TSR-S offers the best of both worlds .
“ All use Zenvo ’ s twin-supercharged V8 , which provides up to 1,194hp .
Reckon on £1.1 million for a TS1 GT , up to £1.3 million for a @ @ @ @ @ @ @ with Koenigsegg in Sweden ?
“ Ha !
The two companies are theoretically in the same market , but Koenigsegg ’ s new direction means we are becoming more diverse .
“ Troels has known Christian von Koenigsegg for many years and there has never been any bad blood.
” How would you describe the Zenvo look ?
“ Our designer , Christian Brandt , was inspired by nature , creating something organic yet predatory .
The car has a huge amount of road presence .
“ Aerodynamics were obviously important , too @ @ @ @ @ @ @ something you won ’ t see anywhere else.
” Presumably there ’ s plenty of scope for personalisation ?
“ We of course have an option list , but truthfully every car is bespoke .
So the conversation goes deeper than just paint colours .
The work Zenvo craftsmen do with carbon fibre is just amazing – cutting , tinting and layering it to create a truly custom weave .
“ Our fragmented carbon wheels are another good example .
Each takes a week to hand-build and weighs 15kg less than a typical @ @ @ @ @ @ @ engine rather than buying one in ?
“ The original ST1 used a highly tuned Chevrolet LS7 engine .
Now we make our own 5.8-litre V8 .
It ’ s part of the cars ’ character – the twin superchargers and flat-plane crank offer mind-blowing power and response .
I absolutely love the raw engine sound , too .
“ Power outputs vary slightly , but the 1,194hp TSR-S launches to 62mph in 2.8 seconds and 124mph in 6.8 seconds .
Not slow.
” “ That ’ s another in-house design : a @ @ @ @ @ @ @ Without getting too technical , the dog gears offer the instantaneous cog-swaps of a racer , while their helical shape provides the civility you expect in a road car .
“ The ’ box has a beautiful , mechanical feel , yet is brutally quick when needed .
We even developed our own electronics to smooth the shifts.
” Tell us about that wild ‘ centripedal ’ rear wing “ That ’ s been a real talking-point .
The software looks at factors such as speed and steering angle , then adjusts the @ @ @ @ @ @ @ unloaded rear tyre towards the tarmac .
It also flips the wing up to function as an airbrake .
“ Essentially , it creates more downforce , more of the time – and we ’ ve proven that in testing.
” What ’ s next for Zenvo – will the cars go electric ?
“ We have a hybrid gearbox and power module coming soon for the TSR-S , plus a new model in development .
As for electric power… it ’ s all up for debate .
We ’ re not trying @ @ @ @ @ @ @ has always embraced new technology .
“ People are pre-programmed to doubt small car companies , but we have plenty more surprises in store .
”

Inside Zenvo: the supercar company from Denmark
Take a stroll along Sloane Street and – in any more normal month – you’ll spot more Ferraris than you can shake a Gucci loafer at. But you’ll never see another Zenvo.
Danish marque Zenvo builds just a handful of cars each year, making each one fabulously exclusive – and fearsomely expensive. If you have seven figures to spare and want the ultimate road-legal rush, they are happy to help.
We spoke to James Bannister, PR and Marketing Director at Zenvo, to discover what makes this innovative and proudly independent company tick. “These are cars for driving, not parking outside Harrods,” he says. Music to my ears…
Where did Zenvo come from?
“Zenvo is based in a beautiful small town called Praesto, near Copenhagen. Think of it as the Danish Henley-on-Thames. That’s where founder Troels Vollertsen grew up. Having done lots of consulting in the car industry, Troels had a vision for a supercar that combined cutting-edge tech with a tactile feel.
“He founded Zenvo in 2004 and our first car, the ST1, debuted in 2009.”
What makes Zenvo different?
“We’re not here to chase numbers in the horsepower race. Equally, we’re not about to weave gold into seat fabric. We just want to create the best supercar possible. Scandinavians talk about the law of Jante, which says it’s good to be humble. Zenvo has that outlook: our cars speak for themselves.
“The other point of difference is exclusivity. Each Zenvo is unique, built to the buyer’s exact specification, and they deal with Troels from day one. How many other car companies can say that?”
There’s more than one Zenvo, right?
“Yes, there are three models at present. The TS1 GT is our high-performance grand tourer, the TS-R is a lightweight, track-focused version of the same car, and the flagship TSR-S offers the best of both worlds.
“All use Zenvo’s twin-supercharged V8, which provides up to 1,194hp. Reckon on £1.1 million for a TS1 GT, up to £1.3 million for a TSR-S.”
Is there a local rivalry with Koenigsegg in Sweden?
“Ha! The two companies are theoretically in the same market, but Koenigsegg’s new direction means we are becoming more diverse.
“Troels has known Christian von Koenigsegg for many years and there has never been any bad blood.”
How would you describe the Zenvo look?
“Our designer, Christian Brandt, was inspired by nature, creating something organic yet predatory. The car has a huge amount of road presence.
“Aerodynamics were obviously important, too. Our patented tilting rear wing is something you won’t see anywhere else.”
Presumably there’s plenty of scope for personalisation?
“We of course have an option list, but truthfully every car is bespoke. So the conversation goes deeper than just paint colours. The work Zenvo craftsmen do with carbon fibre is just amazing – cutting, tinting and layering it to create a truly custom weave.
“Our fragmented carbon wheels are another good example. Each takes a week to hand-build and weighs 15kg less than a typical alloy rim.”
Why build your own engine rather than buying one in?
“The original ST1 used a highly tuned Chevrolet LS7 engine. Now we make our own 5.8-litre V8. It’s part of the cars’ character – the twin superchargers and flat-plane crank offer mind-blowing power and response. I absolutely love the raw engine sound, too.
“Power outputs vary slightly, but the 1,194hp TSR-S launches to 62mph in 2.8 seconds and 124mph in 6.8 seconds. Not slow.”
The Zenvo gearbox is pretty bespoke, too…
“That’s another in-house design: a sequential gearbox with helical-cut dog gears. Without getting too technical, the dog gears offer the instantaneous cog-swaps of a racer, while their helical shape provides the civility you expect in a road car.
“The ’box has a beautiful, mechanical feel, yet is brutally quick when needed. We even developed our own electronics to smooth the shifts.”
Tell us about that wild ‘centripedal’ rear wing
“That’s been a real talking-point. The software looks at factors such as speed and steering angle, then adjusts the wing angle while cornering to push the unloaded rear tyre towards the tarmac. It also flips the wing up to function as an airbrake.
“Essentially, it creates more downforce, more of the time – and we’ve proven that in testing.”
What’s next for Zenvo – will the cars go electric?
“We have a hybrid gearbox and power module coming soon for the TSR-S, plus a new model in development. As for electric power… it’s all up for debate. We’re not trying to jump on trends, but Zenvo has always embraced new technology.
“People are pre-programmed to doubt small car companies, but we have plenty more surprises in store.”
Tim Pitt writes for Motoring Research


cityam--2020-12-29--Ryanair blocks UK investors from buying shares in Brexit move

Ryanair today confirmed it will block British investors from buying shares after the UK leaves the EU on 1 January .
The budget airline said UK nationals will no longer be allowed to purchase ordinary shares — a rule that already applies to all non-EU nationals .
While existing shareholders will not be forced to sell their shares , they will lose the right to attend , speak or vote at any general meeting of the company .
Ryanair said the move would ensure it remained majority EU-owned and retained full licensing and flight rights in the bloc after Brexit @ @ @ @ @ @ @ last year , but they were subject to the final terms of a deal on the UK ’ s trading relationship with the EU after Brexit , which was secured last week .
Ryanair said the rules would remain in place until the board deemed that its ownership and control posed no risk to its airline licences under EU law .
Last February the Dublin-headquartered company said that while it was 55 per cent EU-owned , British shareholders at the time controlled roughly 20 per cent of its stock .
Rival airline Wizz @ @ @ @ @ @ @ to address its ownership structure .
The Hungarian company said it will be 80 per cent owned by non-EU nationals from 1 January due to Brexit .
As a result , Wizz Air said it will restrict UK shareholders from voting .
The firm said these restrictions will apply to roughly 60 per cent of its shares .
Both airlines have suffered a torrid year of trading as the outbreak of coronavirus and continued travel restrictions wreaked havoc on the aviation industry .
Passenger numbers for both Ryanair and Wizzair plunged 80 per @ @ @ @ @ @ @ placed in a second national lockdown .
But Ryanair boss Michael O ’ Leary has said he expects passenger numbers to reach up to 80 per cent of pre-pandemic levels by next summer .
Read more : Ryanair back at 80 per cent passenger capacity by summer , O ’ Leary predicts “ It may be a footnote as far as Brexit repercussions go , but restricting the voting rights of British Ryanair shareholders and the ban on further purchases of ordinary shares , underlines how leaving the bloc has some intricate implications @ @ @ @ @ @ @ Streeter , senior investment and markets analyst , Hargreaves Lansdown .
“ Like the many ‘ i ’ s to be dotted and ‘ t ’ s to be crossed as the Brexit implications are unravelled , there is speculation the new ownership rules could be relaxed , but in the meantime this is another lingering headache airlines are having to deal with amid the continuing coronavirus crisis .
”

Ryanair blocks UK investors from buying shares in Brexit move
Ryanair said the move will ensure it remains majority EU-owned after Brexit
Ryanair today confirmed it will block British investors from buying shares after the UK leaves the EU on 1 January.
The budget airline said UK nationals will no longer be allowed to purchase ordinary shares — a rule that already applies to all non-EU nationals.
While existing shareholders will not be forced to sell their shares, they will lose the right to attend, speak or vote at any general meeting of the company.
Ryanair said the move would ensure it remained majority EU-owned and retained full licensing and flight rights in the bloc after Brexit.
The no-frills carrier approved the plans last year, but they were subject to the final terms of a deal on the UK’s trading relationship with the EU after Brexit, which was secured last week.
Ryanair said the rules would remain in place until the board deemed that its ownership and control posed no risk to its airline licences under EU law.
Last February the Dublin-headquartered company said that while it was 55 per cent EU-owned, British shareholders at the time controlled roughly 20 per cent of its stock.
Rival airline Wizz Air today also announced similar share restrictions to address its ownership structure.
The Hungarian company said it will be 80 per cent owned by non-EU nationals from 1 January due to Brexit.
As a result, Wizz Air said it will restrict UK shareholders from voting. The firm said these restrictions will apply to roughly 60 per cent of its shares.
Both airlines have suffered a torrid year of trading as the outbreak of coronavirus and continued travel restrictions wreaked havoc on the aviation industry.
Passenger numbers for both Ryanair and Wizzair plunged 80 per cent in November after the UK was placed in a second national lockdown.
But Ryanair boss Michael O’Leary has said he expects passenger numbers to reach up to 80 per cent of pre-pandemic levels by next summer.
“It may be a footnote as far as Brexit repercussions go, but restricting the voting rights of British Ryanair shareholders and the ban on further purchases of ordinary shares, underlines how leaving the bloc has some intricate implications for financial markets,” said Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown.
“Like the many ‘i’s to be dotted and ‘t’s to be crossed as the Brexit implications are unravelled, there is speculation the new ownership rules could be relaxed, but in the meantime this is another lingering headache airlines are having to deal with amid the continuing coronavirus crisis.”


cityam--2020-12-29--What next for healthcare investing after Covid vaccine success?

With three Covid-19 vaccines proving effective , we ask fund manager John Bowler and Data Insights Unit head Mark Ainsworth what comes next as regards the pandemic , and what the future holds for healthcare investing .
We ’ d been waiting all year for a Covid-19 vaccine , when suddenly three came along at once .
First up on 9 November was the news that Pfizer and BioNTech ’ s vaccine had over a 90 % success rate in preventing infection .
Next , on 16 November , was Moderna with news its vaccine was 95 % effective .
@ @ @ @ @ @ @ November ; their vaccine is 90 % or 62 % effective , depending on dosage .
This was the news everyone had been waiting for and stock markets gained sharply as investors began to look forward to a return to normal life .
How markets reacted to the vaccine Global shares , as measured by the MSCI Word index , gained 12.8 % in US dollar terms in November .
Some of the strongest gains were seen in industries such as hospitality , travel , and leisure , which have been largely shut @ @ @ @ @ @ @ to contain the virus .
The healthcare sector itself saw mixed share price reactions to the vaccine news .
“ What we saw is that some of the companies offering testing and diagnostic services related to Covid-19 experienced share price falls , ” healthcare investor John Bowler said .
“ However , the companies that benefit from elective procedures responded positively to the announcement .
These companies include hospitals themselves and the orthopaedic implant companies which have been impacted by hospital shutdowns and delayed operations due to Covid-19.
” The speed with which @ @ @ @ @ @ @ .
Developing a vaccine would typically take ten years rather than 11 months .
This is the result of many different institutions working together and making a vaccine their top priority .
Bowler said : “ This is the first time I recall in 20 something years of following the healthcare sector that there has been this genuine collaboration between the various players – the commercial firms , the pharmaceutical and biotech companies , and the academic community – to come up with a solution .
“ The consistent message from the larger @ @ @ @ @ @ @ see it as a duty to provide a solution for society .
Putting the best minds to work on the same problem globally has led to a very fast response to the situation.
” – Learn : Can asset management ’ s Covid-19 response help regain public trust ?
– Read : How does the FTSE ’ s performance in 2020 compare historically ?
– Watch : What will the world look like in 2021 ?
End game in sight but the pandemic is far from over However , while news of three @ @ @ @ @ @ @ will take time to be fully approved , manufactured and distributed .
That means the pandemic is not over yet .
There are still lessons to be learned from the data around Covid-19 and how to limit transmission .
Mark Ainsworth , Head of Schroders ’ Data Insights Unit , said : “ There are three key things that I would draw out as what we ’ ve learned about this pandemic .
First of all , the virus itself is clearly at least ten times more dangerous than seasonal flu .
And @ @ @ @ @ @ @ through are in many ways justified .
“ The second thing is that it ’ s clearly seasonal .
Winter has people gathering indoors and that increases the likelihood of the virus getting into people ’ s systems .
That ’ s why the coming months still represent a big challenge for the northern hemisphere .
“ And thirdly what ’ s been really interesting is the countries with the least bad health outcomes are the ones who have had the best economic outcomes .
There ’ s been a debate over the @ @ @ @ @ @ @ economy , but that ’ s a false choice.
” All three of the successful vaccines so far use messenger RNA ( mRNA ) to trigger an immune response in the body .
This differs from traditional vaccines which contain either weakened viruses or proteins of the virus .
Bowler said : “ Producing those proteins is a complex , iterative process that takes considerable time .
What ’ s different with mRNA is that it ’ s almost like software that gets the body to make its own vaccine .
“ The @ @ @ @ @ @ @ these companies were able to generate candidates to enter human clinical studies .
Whereas typically it would take six to 12 months to develop a candidate that could start clinical trials , Moderna and BioNTech had candidates ready within a month .
All you need is the genetic sequence of the pathogen .
“ The development of these Covid-19 vaccines is a very encouraging proof of concept for companies like BioNTech and Moderna because their sole focus is the use of mRNA .
They already have other vaccine candidates in development for diseases @ @ @ @ @ @ @ a conventional vaccine.
” But healthcare investing isn ’ t just about pharmaceutical and biotech companies .
The pandemic and consequent lockdowns have also forced change on how other parts of the healthcare industry works .
“ Telehealth and the use of virtual communications already existed before Covid-19 , but it ’ s really proven its worth , ” Bowler said .
“ I think it will continue to have a big role going forward in how companies do business in terms of developing and selling pharmaceutical products , and also in how @ @ @ @ @ @ @ this mean for healthcare investing in future ?
While the focus recently has been on the vaccines , the importance of public health capabilities in containing the vaccine should not be underestimated .
“ Many of the countries that did a good job of controlling the outbreak are the ones that suffered very seriously from SARS several years ago , ” Ainsworth said .
“ There ’ s a real sense in which that experience galvanised those countries to invest in the ability to trace contacts and manage epidemics in the future .
@ @ @ @ @ @ @ will conclude it is worth spending money every year to have a standing contact tracing capability .
This would allow them to stop a virus before it got going , in the way that places like South Korea and Taiwan did.
” Pressure on government healthcare budgets is one of the three forces that Bowler sees shaping healthcare investing in the coming years .
Another is demographics , as the baby-boom generation reaches an age when procedures like hip replacements and heart operations are required .
And the third is new technology .
@ @ @ @ @ @ @ of growing demand and the imperative to become more efficient , ” Bowler said .
“ Digital systems that can remotely monitor patients look set to be an area of growth .
“ Continuous glucose monitors for diabetics are a good example ; they are a convenient way to monitor the patient and are linked to AI enabled behavioural prompts that ensure better patient management and hence better outcomes .
Their adoption is growing rapidly , but it ’ s still very early in the adoption phase for this and many other types @ @ @ @ @ @ @ issue is going to become even more acute for governments , given how much has been borrowed this year .
I think that creates an extra impetus for better management of resources .
This requires fresh thinking and the adoption of technologies that benefit the patient but also it benefit the healthcare system in terms of cost.
” • Read more : Could now be the time to consider investing in healthcare ?
Any references to securities , sectors , regions and/or countries are for illustrative purposes only and not a recommendation to @ @ @ @ @ @ @ not an offer , solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy .
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested .
Important Information : This communication is marketing material .
The views and opinions contained herein are those of the author ( s ) on this page , and may not necessarily represent views expressed or reflected in other Schroders communications , strategies or funds .
@ @ @ @ @ @ @ information purposes only and is not intended as promotional material in any respect .
The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument .
It is not intended to provide and should not be relied on for accounting , legal or tax advice , or investment recommendations .
Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions .
Past performance is not a reliable indicator of future results .
The value of @ @ @ @ @ @ @ as up and is not guaranteed .
All investments involve risks including the risk of possible loss of principal .
Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy .
Some information quoted was obtained from external sources we consider to be reliable .
No responsibility can be accepted for errors of fact obtained from third parties , and this data may change with market conditions .
This does not exclude any duty or liability that Schroders has to its customers under any regulatory system .
@ @ @ @ @ @ @ and should not be viewed as a recommendation to buy/sell .
The opinions in this material include some forecasted views .
We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know .
However , there is no guarantee than any forecasts or opinions will be realised .
These views and opinions may change .
To the extent that you are in North America , this content is issued by Schroder Investment Management North America Inc. , an indirect wholly owned subsidiary of Schroders @ @ @ @ @ @ @ management products and services to clients in the US and Canada .
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What next for healthcare investing after Covid vaccine success?
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With three Covid-19 vaccines proving effective, we ask fund manager John Bowler and Data Insights Unit head Mark Ainsworth what comes next as regards the pandemic, and what the future holds for healthcare investing.
We’d been waiting all year for a Covid-19 vaccine, when suddenly three came along at once. First up on 9 November was the news that Pfizer and BioNTech’s vaccine had over a 90% success rate in preventing infection. Next, on 16 November, was Moderna with news its vaccine was 95% effective. Oxford University and AstraZeneca followed on 23 November; their vaccine is 90% or 62% effective, depending on dosage.
This was the news everyone had been waiting for and stock markets gained sharply as investors began to look forward to a return to normal life.
How markets reacted to the vaccine
Global shares, as measured by the MSCI Word index, gained 12.8% in US dollar terms in November. Some of the strongest gains were seen in industries such as hospitality, travel, and leisure, which have been largely shut in many countries due to restrictions designed to contain the virus.
The healthcare sector itself saw mixed share price reactions to the vaccine news.
“What we saw is that some of the companies offering testing and diagnostic services related to Covid-19 experienced share price falls,” healthcare investor John Bowler said.
“However, the companies that benefit from elective procedures responded positively to the announcement. These companies include hospitals themselves and the orthopaedic implant companies which have been impacted by hospital shutdowns and delayed operations due to Covid-19.”
The speed with which vaccines have been found is very positive. Developing a vaccine would typically take ten years rather than 11 months. This is the result of many different institutions working together and making a vaccine their top priority.
Bowler said: “This is the first time I recall in 20 something years of following the healthcare sector that there has been this genuine collaboration between the various players – the commercial firms, the pharmaceutical and biotech companies, and the academic community – to come up with a solution.
“The consistent message from the larger companies in the industry is that they see it as a duty to provide a solution for society. Putting the best minds to work on the same problem globally has led to a very fast response to the situation.”
Discover more from Schroders:
– Learn: Can asset management’s Covid-19 response help regain public trust?
– Read: How does the FTSE’s performance in 2020 compare historically?
– Watch: What will the world look like in 2021?
End game in sight but the pandemic is far from over
However, while news of three effective vaccines is very encouraging, they will take time to be fully approved, manufactured and distributed. That means the pandemic is not over yet. There are still lessons to be learned from the data around Covid-19 and how to limit transmission.
Mark Ainsworth, Head of Schroders’ Data Insights Unit, said: “There are three key things that I would draw out as what we’ve learned about this pandemic. First of all, the virus itself is clearly at least ten times more dangerous than seasonal flu. And so the extreme reactions the world went through are in many ways justified.
“The second thing is that it’s clearly seasonal. Winter has people gathering indoors and that increases the likelihood of the virus getting into people’s systems. That’s why the coming months still represent a big challenge for the northern hemisphere.
“And thirdly what’s been really interesting is the countries with the least bad health outcomes are the ones who have had the best economic outcomes. There’s been a debate over the year about saving lives versus saving the economy, but that’s a false choice.”
Innovation key to vaccine development
All three of the successful vaccines so far use messenger RNA (mRNA) to trigger an immune response in the body. This differs from traditional vaccines which contain either weakened viruses or proteins of the virus.
Bowler said: “Producing those proteins is a complex, iterative process that takes considerable time. What’s different with mRNA is that it’s almost like software that gets the body to make its own vaccine.
“The key benefit is the speed with which these companies were able to generate candidates to enter human clinical studies. Whereas typically it would take six to 12 months to develop a candidate that could start clinical trials, Moderna and BioNTech had candidates ready within a month. All you need is the genetic sequence of the pathogen.
“The development of these Covid-19 vaccines is a very encouraging proof of concept for companies like BioNTech and Moderna because their sole focus is the use of mRNA. They already have other vaccine candidates in development for diseases where it is very difficult to produce a conventional vaccine.”
But healthcare investing isn’t just about pharmaceutical and biotech companies.
The pandemic and consequent lockdowns have also forced change on how other parts of the healthcare industry works.
“Telehealth and the use of virtual communications already existed before Covid-19, but it’s really proven its worth,” Bowler said.
“I think it will continue to have a big role going forward in how companies do business in terms of developing and selling pharmaceutical products, and also in how doctors interact with patients.”
What does this mean for healthcare investing in future?
While the focus recently has been on the vaccines, the importance of public health capabilities in containing the vaccine should not be underestimated.
“Many of the countries that did a good job of controlling the outbreak are the ones that suffered very seriously from SARS several years ago,” Ainsworth said.
“There’s a real sense in which that experience galvanised those countries to invest in the ability to trace contacts and manage epidemics in the future.
“I would assume that many countries will conclude it is worth spending money every year to have a standing contact tracing capability. This would allow them to stop a virus before it got going, in the way that places like South Korea and Taiwan did.”
Pressure on government healthcare budgets is one of the three forces that Bowler sees shaping healthcare investing in the coming years. Another is demographics, as the baby-boom generation reaches an age when procedures like hip replacements and heart operations are required. And the third is new technology.
“There are pressing needs in terms of growing demand and the imperative to become more efficient,” Bowler said. “Digital systems that can remotely monitor patients look set to be an area of growth.
“Continuous glucose monitors for diabetics are a good example; they are a convenient way to monitor the patient and are linked to AI enabled behavioural prompts that ensure better patient management and hence better outcomes. Their adoption is growing rapidly, but it’s still very early in the adoption phase for this and many other types of healthcare technology.
“The budget issue is going to become even more acute for governments, given how much has been borrowed this year. I think that creates an extra impetus for better management of resources. This requires fresh thinking and the adoption of technologies that benefit the patient but also it benefit the healthcare system in terms of cost.”
Any references to securities, sectors, regions and/or countries are for illustrative purposes only and not a recommendation to buy and/or sell.
This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.
Important Information: This communication is marketing material. The views and opinions contained herein are those of the author(s) on this page, and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds. This material is intended to be for information purposes only and is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. It is not intended to provide and should not be relied on for accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on the views and information in this document when taking individual investment and/or strategic decisions. Past performance is not a reliable indicator of future results. The value of an investment can go down as well as up and is not guaranteed. All investments involve risks including the risk of possible loss of principal. Information herein is believed to be reliable but Schroders does not warrant its completeness or accuracy. Some information quoted was obtained from external sources we consider to be reliable. No responsibility can be accepted for errors of fact obtained from third parties, and this data may change with market conditions. This does not exclude any duty or liability that Schroders has to its customers under any regulatory system. Regions/ sectors shown for illustrative purposes only and should not be viewed as a recommendation to buy/sell. The opinions in this material include some forecasted views. We believe we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know. However, there is no guarantee than any forecasts or opinions will be realised. These views and opinions may change. To the extent that you are in North America, this content is issued by Schroder Investment Management North America Inc., an indirect wholly owned subsidiary of Schroders plc and SEC registered adviser providing asset management products and services to clients in the US and Canada. For all other users, this content is issued by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registered No. 1893220 England. Authorised and regulated by the Financial Conduct Authority.


cityam--2020-12-29--FTSE flies in first session since Brexit bill signed

The FTSE 100 rose sharply this morning in the first session since the post-Brexit trade deal was confirmed .
Traders packed up for the festive break two hours before the announcement of the pact on Christmas Eve .
Read more : Wall St hits a record high as optimism builds at the end of 2020 But this morning saw a burst of early trading , with the FTSE up more than 2.5 per cent by shortly after 10am .
Good news on post-Brexit goods trade was matched by optimism for the global economy after President Donald Trump finally approved a @ @ @ @ @ @ @ .
Wall Street hit a record high on Monday , with the Japanese Nikkei index matching that feat overnight .
Read more : Tech jobs boom signals bright future for UK economy , says digital secretary Astrazeneca was one of the top risers on the FTSE 100 this morning amid growing optimism that its vaccine , developed with the University of Oxford , could soon received the green light from regulators .
Shares in the British pharma giant were up more than 4.5 per cent .
Intercontinental Hotels Group and British Airways owner @ @ @ @ @ @ @ hopes for the embattled travel industry .
“ The unwrapping of the Brexit deal and a stimulus package for the US economy have propelled shares higher in Europe , with another boost of optimism , now foundations are being laid for a sustained recovery , ” said Susannah Streeter , senior investment and markets analyst at Hargreaves Lansdown .
“ The mobilisation of huge vaccination programmes are an extra shot in the arm , helping to offset concerns about spikes in cases.
” The more domestically-focused FTSE 250 — which is less impacted @ @ @ @ @ @ @ up more than two per cent .
However , banks and financial services providers such as Ninety One and Sabre were among the fallers .
“ This suggests that nerves remain over what deal will be struck in 2021 when it comes to financial services and indeed services overall , which provides a far greater percentage of UK GDP ( and the government ’ s tax take ) than fishing or manufacturing , ” said Russ Mould , investment director at AJ Bell .
“ The free trade agreements from Christmas Eve will @ @ @ @ @ @ @ in the view that they may help to unlock investment and employment decisions which have been on ice since June 2016 .
“ Yet the lack of visibility on services could continue to nibble away at sentiment until a further agreement is reached , although this is not to say that Brexit will be the only factor at work when it comes to shaping near-term market sentiment .
”

Wall Street and FTSE surge as US stimulus and Brexit deal lift sentiment
Wall Street climbed higher as investors responded to a new pandemic stimulus bill in the US
Wall Street hit fresh highs and the FTSE 100 posted strong gains today as investor confidence mounts in the final days of the year.
The S&P 500 and Dow Jones were up 0.49 per cent and 0.57 per cent respectively as markets opened this afternoon. The Nasdaq also gained 0.42 per cent.
Read more: Wall St hits a record high as optimism builds at the end of 2020
It came after the FTSE 100 rose sharply this morning in the first session since the post-Brexit trade deal was confirmed.
Traders packed up for the festive break two hours before the announcement of the pact on Christmas Eve.
But this morning saw a burst of early trading, with the FTSE up more than two per cent at 6,637 by 2.30pm.
Good news on post-Brexit goods trade was matched by optimism for the global economy after President Donald Trump finally approved a $900bn stimulus package in the US.
Wall Street had hit a record high on Monday, with the Japanese Nikkei index matching that feat overnight.
Read more: Tech jobs boom signals bright future for UK economy, says digital secretary
Astrazeneca rises on vaccine hopes
Astrazeneca was one of the top risers on the FTSE 100 this morning amid growing optimism that its vaccine, developed with the University of Oxford, could soon received the green light from regulators.
Shares in the British pharma giant were up more than 4.5 per cent.
Intercontinental Hotels Group and British Airways owner IAG were also trading higher amid renewed hopes for the embattled travel industry.
“The unwrapping of the Brexit deal and a stimulus package for the US economy have propelled shares higher in Europe, with another boost of optimism, now foundations are being laid for a sustained recovery,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
“The mobilisation of huge vaccination programmes are an extra shot in the arm, helping to offset concerns about spikes in cases.”
Financial services worries linger
The more domestically-focused FTSE 250 — which is less impacted by cross-border trade deals — was also up more than two per cent.
However, banks and financial services providers such as Ninety One and Sabre were among the fallers.
“This suggests that nerves remain over what deal will be struck in 2021 when it comes to financial services and indeed services overall, which provides a far greater percentage of UK GDP (and the government’s tax take) than fishing or manufacturing,” said Russ Mould, investment director at AJ Bell.
“The free trade agreements from Christmas Eve will be taken positively by the markets, in the view that they may help to unlock investment and employment decisions which have been on ice since June 2016.
“Yet the lack of visibility on services could continue to nibble away at sentiment until a further agreement is reached, although this is not to say that Brexit will be the only factor at work when it comes to shaping near-term market sentiment.”


cityam--2020-12-29--The Hut Group ramps up growth plans with £300m takeover spree

The Hut Group has forked out more than £300m to acquire three companies as the online fashion and beauty retailer pursues an aggressive growth plan after its stock market float .
The Manchester-based ecommerce group today said it will snap up skincare brand Dermstore from US retail giant Target for $ 350m ( £259m ) .
It has also acquired two of its longstanding UK-based nutrition product suppliers , Claremont Ingredients and David Berryman Limited , for a combined total of £59.5m .
The deals highlight The Hut Group ’ s strategy of rapid expansion following its bumper stock market @ @ @ @ @ @ @ retailer raised £1.88bn in the largest UK initial public offering since 2015 .
Shares rose more than five per cent this morning , taking its valuation to more than £7bn .
The Hut Group said the acquisition of Dermstore would contribute sales of roughly £135m this financial year .
The deal is subject to regulatory approval in the US , which the company expects to be granted in January 2021 .
Claremont and David Berryman Limited are expected to add sales of around £15m .
“ A key driver behind the decision to @ @ @ @ @ @ @ Stock Exchange just over three months ago was to enable the group to make major global investments , such as Dermstore.com , ” said chairman and chief executive Matthew Moulding .
“ Accessing capital through a London listing has enabled us to accelerate our growth plans and build out a global leadership position within the exciting beauty industry.
” Read more : The Hut Group raises £1.88bn in biggest London stock market listing since 2015 In October The Hut Group raised its full-year revenue guidance , saying it expected stronger sales during the @ @ @ @ @ @ @ .
The retailer now expects revenue of between £1.48bn and £1.52bn .

The Hut Group ramps up growth plans with £300m takeover spree
The Hut Group founder Matthew Moulding (Image: THG)
The Hut Group has forked out more than £300m to acquire three companies as the online fashion and beauty retailer pursues an aggressive growth plan after its stock market float.
The Manchester-based ecommerce group today said it will snap up skincare brand Dermstore from US retail giant Target for $350m (£259m).
It has also acquired two of its longstanding UK-based nutrition product suppliers, Claremont Ingredients and David Berryman Limited, for a combined total of £59.5m.
The deals highlight The Hut Group’s strategy of rapid expansion following its bumper stock market debut in London in September.
The retailer raised £1.88bn in the largest UK initial public offering since 2015. Shares rose more than five per cent this morning, taking its valuation to more than £7bn.
The Hut Group said the acquisition of Dermstore would contribute sales of roughly £135m this financial year. The deal is subject to regulatory approval in the US, which the company expects to be granted in January 2021.
Claremont and David Berryman Limited are expected to add sales of around £15m.
“A key driver behind the decision to list The Hut Group on the London Stock Exchange just over three months ago was to enable the group to make major global investments, such as Dermstore.com,” said chairman and chief executive Matthew Moulding.
“Accessing capital through a London listing has enabled us to accelerate our growth plans and build out a global leadership position within the exciting beauty industry.”
In October The Hut Group raised its full-year revenue guidance, saying it expected stronger sales during the crucial Black Friday and Christmas trading periods.
The retailer now expects revenue of between £1.48bn and £1.52bn.


cityam--2020-12-29--Harness the power of AI in your workouts

Technology brings so many advancements and conveniences to our lives , from communication to transport .
Your workout shouldn ’ @ @ @ @ @ Designed by scientists , the CAR.O.L exercise bike uses AI to give you a bespoke @ @ @ @ @ tech cleverly analyses each session to deliver a personalised workout that could help you to @ @ @ @ @ CAR.O.L instructs , automates and guides you through two 20-second maximum-intensity sprints in between gentle @ @ @ @ @ all in a single workout lasting less than nine minutes .
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Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
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Technology brings so many advancements and conveniences to our lives, from communication to transport. Your workout shouldn’t be any different. Designed by scientists, the CAR.O.L exercise bike uses AI to give you a bespoke HIIT workout.
This disruptive tech cleverly analyses each session to deliver a personalised workout that could help you to improve your fitness levels.
CAR.O.L instructs, automates and guides you through two 20-second maximum-intensity sprints in between gentle warm-up and cool-down periods — all in a single workout lasting less than nine minutes. carolfitai.com


cityam--2020-12-29--Take the stress out of managing your property portfolio

Time is a precious commodity and , if you ’ re managing a property portfolio , chances are you have @ @ @ @ @ want .
That ’ s where ReQuest comes in .
The asset management company specialises @ @ @ @ @ their lifestyle , as well as their property portfolio .
From every aspect of property @ @ @ @ @ , fine dining and bespoke shopping services , the experienced and dedicated team works 24/7 @ @ @ @ @ , to provide you with more quality time to focus on doing the things you @ @ @ @ @ range of membership options to suit every need and budget .
Find out more at @ @

Sponsored Ad Feature is produced by an advertiser with the specific intent to promote a product and is not produced by the City A.M. team.
Take the stress out of managing your property portfolio
Time is a precious commodity and, if you’re managing a property portfolio, chances are you have less of it than you want.
That’s where ReQuest comes in. The asset management company specialises in helping clients to manage their lifestyle, as well as their property portfolio. From every aspect of property management through to holiday planning, fine dining and bespoke shopping services, the experienced and dedicated team works 24/7, 365 days a year, to provide you with more quality time to focus on doing the things you love most.
Explore a range of membership options to suit every need and budget. Find out more at re-quest.co.


cityam--2020-12-29--Add fun and games to your home in the New Year

This year has taught many of us the value of staying indoors and making our own entertainment and a pool @ @ @ @ @ sure-fire way of providing hours of fun .
Not only will it guarantee entertainment for @ @ @ @ @ but it is also an object of beauty in its own right .
Sir William @ @ @ @ @ 40 years ’ experience in the restoration , design and creation of bespoke snooker , @ @ @ @ @ .
The team works with each client to create unique pieces that are individually specified @ @ @ @ @ materials , size , detail and finish .
Many tables are dual-purpose , rolling over @ @ @ @ @ a dining or conference table into a stylish pool , snooker or table tennis table @

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The team works with each client to create unique pieces that are individually specified in terms of design, materials, size, detail and finish. Many tables are dual-purpose, rolling over or winding up to transform a dining or conference table into a stylish pool, snooker or table tennis table.
Enjoy a 10% discount code by quoting code CAM-JAN-21. Valid until 31 January 2021. Visit billiards.co.uk


cityam--2020-12-29--Boris Johnson: UK to begin 'new chapter in our national story' on Friday

Boris Johnson will say tomorrow that the UK will “ open a new chapter in our national story ” before MPs vote on his post-Brexit trade deal .
Johnson is expected to tell MPs that the trade deal shows how the UK can be “ at once European and sovereign ” and that “ we have nothing to fear if we sometimes choose to do things differently and much to gain from the healthy stimulus of competition.
” Read more : The Tories ’ ERG backbenchers will vote for Brexit deal tomorrow Legislation to enshrine the post-Brexit trade deal into @ @ @ @ @ @ @ Commons at 9.30am tomorrow , with a vote expected around 2.30pm .
The bill will then be brought to the House of Lords shortly after , with Downing Street expecting it to get Royal Assent late on Wednesday night .
The legislation is set to easily pass through the Commons , with Labour and hardline Tory Brexiteers both expected to vote for the deal .
The UK will then leave the EU ’ s single market and customs union on 1 January .
Before the Open newsletter : Start your day with the @ @ @ @ @ @ @ Boris Johnson is expected to say tomorrow : “ Those of us who campaigned for Britain to leave the EU never sought a rupture with our closest neighbours .
“ We would never wish to rupture ourselves from fellow democracies beneath whose soil lie British war graves in tranquil cemeteries , often tended by local schoolchildren , testament to our shared struggle for freedom and everything we cherish in common .
“ Now , with this bill , we shall be a friendly neighbour – the best friend and ally the EU could @ @ @ @ @ @ @ and interests coincide while fulfilling the sovereign wish of the British people to live under their own laws , made by their own elected parliament.
” The deal was unanimously ratified by the EU ’ s 27 ambassadors , which will allow it to come into effect on 1 January once it passes through the UK parliament .
MEPs have begun to scrutinise the deal , but time ran out for them to vote on the deal before the end of the post-Brexit transition period on 31 December .

Boris Johnson: UK to begin ‘new chapter in our national story’ on Friday
Boris Johnson will say tomorrow that the UK will “open a new chapter in our national story” before MPs vote on his post-Brexit trade deal.
Johnson is expected to tell MPs that the trade deal shows how the UK can be “at once European and sovereign” and that “we have nothing to fear if we sometimes choose to do things differently and much to gain from the healthy stimulus of competition.”
Legislation to enshrine the post-Brexit trade deal into law will come before the House of Commons at 9.30am tomorrow, with a vote expected around 2.30pm.
The bill will then be brought to the House of Lords shortly after, with Downing Street expecting it to get Royal Assent late on Wednesday night.
The legislation is set to easily pass through the Commons, with Labour and hardline Tory Brexiteers both expected to vote for the deal.
The UK will then leave the EU’s single market and customs union on 1 January.
Before the Open newsletter: Start your day with the City View podcast and key market data
Boris Johnson is expected to say tomorrow: “Those of us who campaigned for Britain to leave the EU never sought a rupture with our closest neighbours.
“We would never wish to rupture ourselves from fellow democracies beneath whose soil lie British war graves in tranquil cemeteries, often tended by local schoolchildren, testament to our shared struggle for freedom and everything we cherish in common.
“Now, with this bill, we shall be a friendly neighbour – the best friend and ally the EU could have – working hand-in-glove whenever our values and interests coincide while fulfilling the sovereign wish of the British people to live under their own laws, made by their own elected parliament.”
The deal was unanimously ratified by the EU’s 27 ambassadors, which will allow it to come into effect on 1 January once it passes through the UK parliament.
MEPs have begun to scrutinise the deal, but time ran out for them to vote on the deal before the end of the post-Brexit transition period on 31 December.


cityam--2020-12-29--The Tories' ERG backbenchers will vote for Brexit deal tomorrow

The Tories ’ group of hardline Brexiteers will vote for Boris Johnson ’ s Brexit trade deal tomorrow in the House of Commons .
The European Research Group ’ s ( ERG ) “ star chamber ” , which is its legal committee , met today and decided that the deal is “ consistent with the restoration of UK sovereignty ” .
Read more : Brexit : Top law firm says City of London won ’ t get a quick EU financial services deal The meeting was led by Eurosceptic Conservative MP Bill Cash and took place at 2pm this @ @ @ @ @ @ @ leader David Jones tweeted : “ The European Research Group ’ s legal advisory committee ( “ star chamber ” ) has delivered its opinion on the EU-UK Trade and Cooperation Agreement and has concluded that it is consistent the sovereignty of the United Kingdom.
” Legislation to enshrine the post-Brexit trade deal into law will come before the House of Commons at 9.30am tomorrow , with a vote expected around 2.30pm .
Before the Open newsletter : Start your day with the City View podcast and key market data The bill will @ @ @ @ @ @ @ Lords shortly after , with Downing Street expecting it to get Royal Assent late on Wednesday night .
The ERG ’ s backing of the bill is another sure sign that it will pass through the House of Commons tomorrow , however it likely would not have mattered either way as Sir Keir Starmer has instructed Labour to also vote it through .
Starmer ’ s decision has caused consternation among some remainer Labour MPs , with a swathe of backbenchers expected to abstain or vote against the trade deal .
There has @ @ @ @ @ @ @ members could also rebel against Starmer , which would put their positions in jeopardy .
Starmer said the deal was “ thin ” , but that it was in the national interest to vote for it .
“ It is about being a serious , responsible opposition , ” he said .
“ At a moment of such national significance , it is not credible for Labour to be on the sidelines.
” The Liberal Democrats and the Scottish National Party ( SNP ) will vote against the bill .

The Tories’ ERG backbenchers will vote for Brexit deal tomorrow
The meeting was led by Eurosceptic Conservative MP Bill Cash (pictured here in 2019) and took place at 2pm this afternoon.
The Tories’ group of hardline Brexiteers will vote for Boris Johnson’s Brexit trade deal tomorrow in the House of Commons.
The European Research Group’s (ERG) “star chamber”, which is its legal committee, met today and decided that the deal is “consistent with the restoration of UK sovereignty”.
The meeting was led by Eurosceptic Conservative MP Bill Cash and took place at 2pm this afternoon.
The ERG’s deputy leader David Jones tweeted: “The European Research Group’s legal advisory committee (“star chamber”) has delivered its opinion on the EU-UK Trade and Cooperation Agreement and has concluded that it is consistent the sovereignty of the United Kingdom.”
Legislation to enshrine the post-Brexit trade deal into law will come before the House of Commons at 9.30am tomorrow, with a vote expected around 2.30pm.
Before the Open newsletter: Start your day with the City View podcast and key market data
The bill will then be brought to the House of Lords shortly after, with Downing Street expecting it to get Royal Assent late on Wednesday night.
The ERG’s backing of the bill is another sure sign that it will pass through the House of Commons tomorrow, however it likely would not have mattered either way as Sir Keir Starmer has instructed Labour to also vote it through.
Starmer’s decision has caused consternation among some remainer Labour MPs, with a swathe of backbenchers expected to abstain or vote against the trade deal.
There has also been speculation that some shadow cabinet members could also rebel against Starmer, which would put their positions in jeopardy.
Starmer said the deal was “thin”, but that it was in the national interest to vote for it.
“It is about being a serious, responsible opposition,” he said.
“At a moment of such national significance, it is not credible for Labour to be on the sidelines.”
The Liberal Democrats and the Scottish National Party (SNP) will vote against the bill.


cityam--2020-12-29--UK and Turkey sign post-Brexit free trade deal

The UK and Turkey have signed a free trade deal that will secure tariff-free trading arrangements between the two countries after Britain leaves the EU .
The continuity deal , signed today by trade secretary Liz Truss , means the existing trade relationship will be maintained after the Brexit transition period ends this week .
Read more : Brexit : Top law firm says City of London won ’ t get a quick EU financial services deal The two countries also committed to working on a fresh trade deal , which they said would go further than the existing agreement @ @ @ @ @ @ @ .
It comes just days before the transition period ends .
An agreement was not possible until the UK struck a post-Brexit trade deal with the EU , as Turkey is in a customs union with the bloc .
The government said the continuity arrangement will secure preferential tariffs for the 7,600 UK businesses that exported goods to Turkey last year .
“ Today ’ s deal covers trade worth more than £18bn , delivers vital certainty for business and supports thousands of jobs across the UK in the manufacturing , automotive and @ @ @ @ @ @ @ a statement .
“ It paves the way for a new , more ambitious deal with Turkey in the near future , and is part of our plan to put the UK at the centre of a network of modern agreements with dynamic economies .
More trade and investment will drive economic growth across our United Kingdom and help us build back stronger from Covid.
” The deal will come as a major boost to companies in the automotive and manufacturing sectors that rely on Turkey for their supply chains .
Last year @ @ @ @ @ @ @ £174m , with manufacturers such as Ford importing parts from Britain to Turkey for assembly .
“ Given that Ford and Ford Otosan business constitutes more than 10 per cent of the total trade volume between the UK and Turkey , this trade agreement is extremely significant for us and will help to secure jobs in both countries , ” he said .
Read more : Ryanair blocks UK investors from buying shares in Brexit move The latest agreement means the UK has now secured post-Brexit trade deals with 62 countries , covering @ @ @ @

UK and Turkey sign post-Brexit free trade deal
Trade secretary Liz Truss announced the continuity trade deal today
The UK and Turkey have signed a free trade deal that will secure tariff-free trading arrangements between the two countries after Britain leaves the EU.
The continuity deal, signed today by trade secretary Liz Truss, means the existing trade relationship will be maintained after the Brexit transition period ends this week.
The two countries also committed to working on a fresh trade deal, which they said would go further than the existing agreement and be tailored to the UK economy.
It comes just days before the transition period ends. An agreement was not possible until the UK struck a post-Brexit trade deal with the EU, as Turkey is in a customs union with the bloc.
The government said the continuity arrangement will secure preferential tariffs for the 7,600 UK businesses that exported goods to Turkey last year.
“Today’s deal covers trade worth more than £18bn, delivers vital certainty for business and supports thousands of jobs across the UK in the manufacturing, automotive and steel industries,” Truss said in a statement.
“It paves the way for a new, more ambitious deal with Turkey in the near future, and is part of our plan to put the UK at the centre of a network of modern agreements with dynamic economies. More trade and investment will drive economic growth across our United Kingdom and help us build back stronger from Covid.”
The deal will come as a major boost to companies in the automotive and manufacturing sectors that rely on Turkey for their supply chains.
Last year UK car exports to Turkey were worth £174m, with manufacturers such as Ford importing parts from Britain to Turkey for assembly.
Stuart Rowley, president of Ford Europe, welcomed the continuity trade agreement.
“Given that Ford and Ford Otosan business constitutes more than 10 per cent of the total trade volume between the UK and Turkey, this trade agreement is extremely significant for us and will help to secure jobs in both countries,” he said.
The latest agreement means the UK has now secured post-Brexit trade deals with 62 countries, covering £885bn of trade.


cityam--2020-12-29--Wall Street and FTSE surge as US stimulus and Brexit deal lift sentiment

Wall Street hit fresh highs and the FTSE 100 posted strong gains today as investor confidence mounts in the final days of the year .
The S & P 500 and Dow Jones were up 0.49 per cent and 0.57 per cent respectively as markets opened this afternoon .
The Nasdaq also gained 0.42 per cent .
Read more : Wall St hits a record high as optimism builds at the end of 2020 It came after the FTSE 100 rose sharply this morning in the first session since the post-Brexit trade deal was confirmed .
Traders packed up for @ @ @ @ @ @ @ announcement of the pact on Christmas Eve .
But this morning saw a burst of early trading , with the FTSE up more than two per cent at 6,637 by 2.30pm .
Good news on post-Brexit goods trade was matched by optimism for the global economy after President Donald Trump finally approved a $ 900bn stimulus package in the US .
Wall Street had hit a record high on Monday , with the Japanese Nikkei index matching that feat overnight .
Read more : Tech jobs boom signals bright future for UK economy @ @ @ @ @ @ @ of the top risers on the FTSE 100 this morning amid growing optimism that its vaccine , developed with the University of Oxford , could soon received the green light from regulators .
Shares in the British pharma giant were up more than 4.5 per cent .
Intercontinental Hotels Group and British Airways owner IAG were also trading higher amid renewed hopes for the embattled travel industry .
“ The unwrapping of the Brexit deal and a stimulus package for the US economy have propelled shares higher in Europe , with another boost @ @ @ @ @ @ @ laid for a sustained recovery , ” said Susannah Streeter , senior investment and markets analyst at Hargreaves Lansdown .
“ The mobilisation of huge vaccination programmes are an extra shot in the arm , helping to offset concerns about spikes in cases.
” The more domestically-focused FTSE 250 — which is less impacted by cross-border trade deals — was also up more than two per cent .
However , banks and financial services providers such as Ninety One and Sabre were among the fallers .
“ This suggests that nerves remain over @ @ @ @ @ @ @ when it comes to financial services and indeed services overall , which provides a far greater percentage of UK GDP ( and the government ’ s tax take ) than fishing or manufacturing , ” said Russ Mould , investment director at AJ Bell .
“ The free trade agreements from Christmas Eve will be taken positively by the markets , in the view that they may help to unlock investment and employment decisions which have been on ice since June 2016 .
“ Yet the lack of visibility on services could continue @ @ @ @ @ @ @ further agreement is reached , although this is not to say that Brexit will be the only factor at work when it comes to shaping near-term market sentiment .
”


cityam--2020-12-29--Brexit: Top law firm says City of London won't get a quick EU financial services deal

One of the world ’ s largest law firms has heaped doubt on claims by the UK that it can negotiate a post-Brexit financial services settlement with the EU within the next three months .
US firm Baker McKenzie – the fourth largest law firm in the world by revenue and the top firm for multinational mergers and acquisitions – has said the EU ’ s equivalence assessments will continue “ well into 2021 ” .
Read more : Mobile roaming : Will I be charged for using my phone in the EU after Brexit ?
The City of London @ @ @ @ @ @ @ markets on 1 January and will instead have to rely on patchwork of regulations from individual member states .
The only way the UK financial services industry can maintain its current access is if the EU grants regulatory equivalence .
This is a classification that will only be given if Brussels deems that the UK will stay roughly within the EU ’ s regulatory orbit for financial services .
Last week ’ s post-Brexit trade deal outlined plans to set up a dialogue between the UK and EU to discuss a potential equivalence @ @ @ @ @ @ @ rough deadline .
Mark Simpson , a partner in Baker McKenzie ’ s financial services unit , said this timeframe was very unlikely to yield results .
He said : “ Equivalence is not as straightforward as either the EU or UK might otherwise indicate , with the EU taking a technical , ‘ detailed and granular ’ forward-looking approach to equivalence and regulatory divergence , while the UK remains focused on outcomes-based assessments through determinations ‘ about here and now … based on the self-evident symmetry ’ between the UK and EU @ @ @ @ @ @ @ finished its equivalence assessments , and has expressed concern about the UK ’ s plans for its future regulatory framework and the degree of divergence from the EU regime this might entail .
It is likely that the Commission will continue its assessments well into 2021.
” A senior member of the UK ’ s Brexit negotiating team maintained today that progress could be made in this area within the coming few months .
“ The best thing is if we understand each other and understand what underpins equivalence decisions when they ’ @ @ @ @ @ @ @ they said .
“ We believe its a meaningful commitment and we expect it to move forward quite quickly.
” Almost all major UK-based banks have made plans on the basis that the UK will lose its current EU market access next year .
Read more : Parlez-vous Français ?
Paris ’ finance sector gets ready to seize post-Brexit opportunities This has seen firms set up bases in major EU financial capitals , such as Paris and Frankfurt .
Accounting firm EY estimates that more than £1 trillion of assets in the sector @ @ @ @ @ @ @ since 2016 .

Brexit: Top law firm says City of London won’t get a quick EU financial services deal
One of the world’s largest law firms has heaped doubt on claims by the UK that it can negotiate a post-Brexit financial services settlement with the EU within the next three months.
US firm Baker McKenzie – the fourth largest law firm in the world by revenue and the top firm for multinational mergers and acquisitions – has said the EU’s equivalence assessments will continue “well into 2021”.
The City of London will lose its current access to EU markets on 1 January and will instead have to rely on patchwork of regulations from individual member states.
The only way the UK financial services industry can maintain its current access is if the EU grants regulatory equivalence.
This is a classification that will only be given if Brussels deems that the UK will stay roughly within the EU’s regulatory orbit for financial services.
Last week’s post-Brexit trade deal outlined plans to set up a dialogue between the UK and EU to discuss a potential equivalence deal, with March set as a rough deadline.
Mark Simpson, a partner in Baker McKenzie’s financial services unit, said this timeframe was very unlikely to yield results.
He said: “Equivalence is not as straightforward as either the EU or UK might otherwise indicate, with the EU taking a technical, ‘detailed and granular’ forward-looking approach to equivalence and regulatory divergence, while the UK remains focused on outcomes-based assessments through determinations ‘about here and now … based on the self-evident symmetry’ between the UK and EU.
“The EU has not yet finished its equivalence assessments, and has expressed concern about the UK’s plans for its future regulatory framework and the degree of divergence from the EU regime this might entail. It is likely that the Commission will continue its assessments well into 2021.”
A senior member of the UK’s Brexit negotiating team maintained today that progress could be made in this area within the coming few months.
“The best thing is if we understand each other and understand what underpins equivalence decisions when they’re going to be taken,” they said.
“We believe its a meaningful commitment and we expect it to move forward quite quickly.”
Almost all major UK-based banks have made plans on the basis that the UK will lose its current EU market access next year.
This has seen firms set up bases in major EU financial capitals, such as Paris and Frankfurt.
Accounting firm EY estimates that more than £1 trillion of assets in the sector has moved from London to the EU since 2016.


cityam--2020-12-29--A booming Britain will need a broadband boost, too

The best possible platform from which to launch the UK into its post-Brexit future outside the European Union is world class digital infrastructure .
Only underpinned by the fastest Full Fibre networks will the UK be able to establish itself as a leading digital economy .
Full Fibre will enable us to compete with countries and companies across the world , not just those on our own doorstep .
What better way can there be for a country to succeed than to equip every man , woman and child in every corner of the land with the world ’ s @ @ @ @ @ @ @ all , no matter which part of the country you are in , to lightning-quick , reliable , broadband .
And not just in our homes , but in our offices , our hospitals and our schools .
Read more : Tech can be the engine at the heart of our economic growth It is a long-term investment in our future – one that can , and should , be a key pillar of the levelling up agenda .
It is an investment that has the ability to transform the way we live @ @ @ @ @ @ @ reliable gigabit speed digital connectivity could do for those left behind communities across the UK .
It can act as a catalyst for huge , positive change .
Let ’ s recognise its potential to create not just new jobs but even new industries , supporting livelihoods and unleashing innovations in health and social care .
The world is changing fast .
We are taking enormous leaps forward in how we use technology to access key services such as education and medical care .
We need to make absolutely sure we have the @ @ @ @ @ @ @ We must be ready to take advantage of these opportunities if we are to avoid being left behind .
We are unapologetically passionate about this .
Why ?
You only need to reflect on how reliant we have all been on digital connectivity this year .
As the physical has been replaced with the virtual , we have all become acutely aware of just how important and necessary reliable digital connections really are .
This has never been more important .
A lack of reliability is not just an inconvenience – it can @ @ @ @ @ @ @ to communicate and to use vital services .
We already live in a digital world .
So , some people will look at what we already have in place and will ask : “ Do we really need full fibre ?
” The answer is that Full Fibre is about so much more than better broadband .
It is about world-class infrastructure that we can rely on to transmit the unimaginable quantities of data demanded by every device , system , and service that makes up the modern age .
It ’ s @ @ @ @ @ @ @ capacity , speed , reliability and self-healing capabilities from which we can take confidence that our digital foundations are a rock-solid platform on which to build .
Full fibre is the modern-day equivalent of the invention of the railway .
People functioned perfectly well without it .
But the railway made the impossible , possible .
It was a platform for growth in ways that were unknowable until it was there .
Full fibre is that platform for our generation , one on which the unforeseeable will become reality , for the good @ @ @ @ @ @ @ its 10th anniversary , we have every reason to be optimistic about this future .
For most of that decade , the country has struggled to grasp the scale of the Full Fibre opportunity and the positive change that it can enable .
Now , though , we are in a race to deploy Full Fibre as quickly as possible .
The good news is that we are already well on our way .
Long fought-for infrastructure competition is at the heart of this success .
We have a government and a regulator @ @ @ @ @ @ @ protecting competition , and that is crucial .
Wherever there ’ s competitive spirit , our industry drives harder to succeed , and it is homes and business across the country who benefit .
Continuing to harness that competitive spirit will be absolutely vital if we are to keep pace and deliver Full Fibre right across the UK .
2020 has provided many challenges .
Together , though , as an industry , the communications networks have helped keep Britain running throughout the pandemic .
In the background , the communications industry ’ @ @ @ @ @ @ @ about their work and kept the networks up and running .
Let ’ s recognise the tremendous contribution they have made in helping us to navigate the most difficult of years .
But let ’ s also make sure we keep looking forward .
2021 is the year when we push on , further and faster as we build our Full Fibre future .
The plan is working .
We must now hold our nerve and stay the course in the months and years ahead .
If we get this right , a @ @ @ @ @ @ @ economy awaits us .

A booming Britain will need a broadband boost, too
(Photo by Oli Scarff/Getty Images)
The best possible platform from which to launch the UK into its post-Brexit future outside the European Union is world class digital infrastructure.
Only underpinned by the fastest Full Fibre networks will the UK be able to establish itself as a leading digital economy. Full Fibre will enable us to compete with countries and companies across the world, not just those on our own doorstep.
What better way can there be for a country to succeed than to equip every man, woman and child in every corner of the land with the world’s best digital infrastructure? Providing access for all, no matter which part of the country you are in, to lightning-quick, reliable, broadband. And not just in our homes, but in our offices, our hospitals and our schools.
Read more: Tech can be the engine at the heart of our economic growth
It is a long-term investment in our future – one that can, and should, be a key pillar of the levelling up agenda. It is an investment that has the ability to transform the way we live, learn and work.
Imagine what reliable gigabit speed digital connectivity could do for those left behind communities across the UK. It can act as a catalyst for huge, positive change. Let’s recognise its potential to create not just new jobs but even new industries, supporting livelihoods and unleashing innovations in health and social care.
The world is changing fast. We are taking enormous leaps forward in how we use technology to access key services such as education and medical care. We need to make absolutely sure we have the infrastructure in place to underpin this. We must be ready to take advantage of these opportunities if we are to avoid being left behind.
We are unapologetically passionate about this. Why? You only need to reflect on how reliant we have all been on digital connectivity this year. As the physical has been replaced with the virtual, we have all become acutely aware of just how important and necessary reliable digital connections really are. This has never been more important. A lack of reliability is not just an inconvenience – it can severely impact our ability to work, to communicate and to use vital services.
We already live in a digital world. So, some people will look at what we already have in place and will ask: “Do we really need full fibre?”
The answer is that Full Fibre is about so much more than better broadband. It is about world-class infrastructure that we can rely on to transmit the unimaginable quantities of data demanded by every device, system, and service that makes up the modern age.
It’s about ensuring that these networks have the capacity, speed, reliability and self-healing capabilities from which we can take confidence that our digital foundations are a rock-solid platform on which to build.
Full fibre is the modern-day equivalent of the invention of the railway. People functioned perfectly well without it. But the railway made the impossible, possible. It was a platform for growth in ways that were unknowable until it was there. Full fibre is that platform for our generation, one on which the unforeseeable will become reality, for the good of us all.
Read more: Tech jobs boom as sector recovers post-pandemic
As CityFibre reaches its 10th anniversary, we have every reason to be optimistic about this future. For most of that decade, the country has struggled to grasp the scale of the Full Fibre opportunity and the positive change that it can enable. Now, though, we are in a race to deploy Full Fibre as quickly as possible. The good news is that we are already well on our way.
Long fought-for infrastructure competition is at the heart of this success. We have a government and a regulator that is committed to supporting investment and protecting competition, and that is crucial. Wherever there’s competitive spirit, our industry drives harder to succeed, and it is homes and business across the country who benefit. Continuing to harness that competitive spirit will be absolutely vital if we are to keep pace and deliver Full Fibre right across the UK.
2020 has provided many challenges. Together, though, as an industry, the communications networks have helped keep Britain running throughout the pandemic. In the background, the communications industry’s own key workers have quietly gone about their work and kept the networks up and running. Let’s recognise the tremendous contribution they have made in helping us to navigate the most difficult of years.
But let’s also make sure we keep looking forward. 2021 is the year when we push on, further and faster as we build our Full Fibre future. The plan is working. We must now hold our nerve and stay the course in the months and years ahead. If we get this right, a new, greener, fairer and stronger economy awaits us.


cityam--2020-12-30--Theresa May slams Brexit trade deal for not including financial services

Former Prime Minister Theresa May has slammed Boris Johnson ’ s Brexit trade deal for not including provisions on financial services .
May told MPs today that her failed deal was “ a better deal ” than the Prime Minister ’ s and said she was “ disappointed ” his trade agreement does not have a wide-ranging services agreement .
Read more : Brexit : Top law firm says City of London won ’ t get a quick EU financial services deal MPs will vote at around 2.30pm today on the UK-EU trade deal , with the legislation set to @ @ @ @ @ @ @ a 12-hour timeframe .
This deal will come into place on 1 January as the UK leaves the EU ’ s customs union and single market .
The deal does not include an EU-wide arrangement for services , with UK firms instead having to negotiate a patchwork of individual EU nations ’ regulations .
This has forced major UK-based banks to move assets and jobs to EU financial capitals to avoid disruption .
May said that not getting a post-Brexit financial services agreement was a massive blow to the UK economy .
Before @ @ @ @ @ @ @ with the City View podcast and key market data “ In 2018 in Mansion house , I said that we wanted to work to get a financial services deal in the future treaty arrangement and that it would be truly groundbreaking , ” she said .
“ It would have been , but sadly it has not been achieved .
We have a deal in trade which benefits the EU , but not a deal in services that would have benefited the UK .
“ The arrangement treaty is clear that future negotiation @ @ @ @ @ @ @ hope the government will go to the negotiations with alacrity and vigour , particularly on financial services.
” The only way the UK financial services industry can maintain its current EU access is if Brussels grants regulatory equivalence .
This is a classification that will only be given if Brussels deems that the UK will stay roughly within the EU ’ s regulatory orbit for financial services .
Last week ’ s post-Brexit trade deal outlined plans to set up a dialogue between the UK and EU to discuss a potential equivalence deal @ @ @ @ @ @ @ deadline .
A senior member of the UK ’ s Brexit negotiating team said yesterday that progress could be made in this area within the coming few months .
Read more : Parlez-vous Français ?
Paris ’ finance sector gets ready to seize post-Brexit opportunities “ The best thing is if we understand each other and understand what underpins equivalence decisions when they ’ re going to be taken , ” they said .
“ We believe its a meaningful commitment and we expect it to move forward quite quickly .
”

Theresa May slams Brexit trade deal for not including financial services
Former Prime Minister Theresa May has slammed Boris Johnson’s Brexit trade deal for not including provisions on financial services.
May told MPs today that her failed deal was “a better deal” than the Prime Minister’s and said she was “disappointed” his trade agreement does not have a wide-ranging services agreement.
MPs will vote at around 2.30pm today on the UK-EU trade deal, with the legislation set to sail through both houses of parliament in a 12-hour timeframe.
This deal will come into place on 1 January as the UK leaves the EU’s customs union and single market.
The deal does not include an EU-wide arrangement for services, with UK firms instead having to negotiate a patchwork of individual EU nations’ regulations.
This has forced major UK-based banks to move assets and jobs to EU financial capitals to avoid disruption.
May said that not getting a post-Brexit financial services agreement was a massive blow to the UK economy.
Before the Open newsletter: Start your day with the City View podcast and key market data
“In 2018 in Mansion house, I said that we wanted to work to get a financial services deal in the future treaty arrangement and that it would be truly groundbreaking,” she said.
“It would have been, but sadly it has not been achieved. We have a deal in trade which benefits the EU, but not a deal in services that would have benefited the UK.
“The arrangement treaty is clear that future negotiation on these points is possible and I hope the government will go to the negotiations with alacrity and vigour, particularly on financial services.”
The only way the UK financial services industry can maintain its current EU access is if Brussels grants regulatory equivalence.
This is a classification that will only be given if Brussels deems that the UK will stay roughly within the EU’s regulatory orbit for financial services.
Last week’s post-Brexit trade deal outlined plans to set up a dialogue between the UK and EU to discuss a potential equivalence deal, with March set as a rough deadline.
A senior member of the UK’s Brexit negotiating team said yesterday that progress could be made in this area within the coming few months.
“The best thing is if we understand each other and understand what underpins equivalence decisions when they’re going to be taken,” they said.
“We believe its a meaningful commitment and we expect it to move forward quite quickly.”


cityam--2020-12-30--Wonks expect retail to see a brighter 2021

Retailers can expect to see sales growth of as much as 3 per cent in 2021 , according to a new expert report .
Pent-up savings and demand , more confident consumers and a successful vaccine rollout will all bring a boost , says the KPMG/Ipsos Retail Think Tank .
Read more : Where did it all go wrong for Topshop ?
The RTT , comprised of a host of industry experts , see growth picking up only in the second half of the year , however , meaning Government will need to offer support through the first two quarters @ @ @ @ @ @ @ system is high on their list of Treasury asks .
Nick Bubb , an independent retail analyst , said there was “ inequality ” in the current regime which favoured online platforms .
“ Perhaps one avenue to explore would be a re-worked business rates system which levies taxes on the distribution and warehousing space used by online retailers , helping to reduce the burden on the high street , ” he said .
Consumer behaviour is the great unknown , reckon other experts .
Many Brits have shifted to online retailers throughout @ @ @ @ @ @ @ ongoing lockdown restrictions .
But Martin Hayward , Founder of Hayward Strategy , says he ’ s “ sceptical ” that there will be a permanent shift away from bricks-and-mortar retail .
“ When it ’ s deemed safe to do so , ” he said , “ there will be household bubbles bursting with savings to spend in the hospitality and leisure sectors , and some high streets and shopping centres will see a return to normal levels of footfall.
” The rate of growth , reckon the RTT , will be @ @ @ @ @ @ @ 3 per cent across the board .
Read more : Brexit deal lays the groundwork for future FS talks

Wonks expect retail to see a brighter 2021
(Photo by Finnbarr Webster/Getty Images)
Retailers can expect to see sales growth of as much as 3 per cent in 2021, according to a new expert report.
Pent-up savings and demand, more confident consumers and a successful vaccine rollout will all bring a boost, says the KPMG/Ipsos Retail Think Tank.
Read more: Where did it all go wrong for Topshop?
The RTT, comprised of a host of industry experts, see growth picking up only in the second half of the year, however, meaning Government will need to offer support through the first two quarters.
Urgent reform of the business rates system is high on their list of Treasury asks.
Nick Bubb, an independent retail analyst, said there was “inequality” in the current regime which favoured online platforms.
“Perhaps one avenue to explore would be a re-worked business rates system which levies taxes on the distribution and warehousing space used by online retailers, helping to reduce the burden on the high street,” he said.
Consumer behaviour is the great unknown, reckon other experts. Many Brits have shifted to online retailers throughout the course of a year disrupted by ongoing lockdown restrictions.
But Martin Hayward, Founder of Hayward Strategy, says he’s “sceptical” that there will be a permanent shift away from bricks-and-mortar retail.
“When it’s deemed safe to do so,” he said, “there will be household bubbles bursting with savings to spend in the hospitality and leisure sectors, and some high streets and shopping centres will see a return to normal levels of footfall.”
The rate of growth, reckon the RTT, will be anywhere from flat to an increase of 3 per cent across the board.
Read more: Brexit deal lays the groundwork for future FS talks


cityam--2020-12-30--World stocks near record peak, dollar stumbles again

LONDON ( Reuters ) -World stocks edged closer to recent record highs and Asian shares hit a record peak on Wednesday , as investors bet on a strong economic recovery next year , with the upbeat mood pushing the safe-haven dollar to its lowest since April 2018 .
Europe ’ s main markets were hoping for a sixth straight session of gains as AstraZeneca and Oxford University ’ s coronavirus vaccine became the second to be approved by Britain , helping the FTSE 100 add as much as 0.2 % early on .
A new , more transmittable variant of @ @ @ @ @ @ @ Union countries have also begun rolling out Pfizer and BioNTech ’ s vaccine this week .
Wall Street was set to open higher , too , with S & P 500 futures up 0.4 % .
U.S. stocks had retreated from an intraday record high on Tuesday after Senate Majority Leader Mitch McConnell had put off a vote on President Donald Trump ’ s call to increase COVID-19 relief checks .
The United States also detected its first-known case of the new , highly infectious coronavirus strains already spotted in Britain and South @ @ @ @ @ @ @ index remained upbeat , however , up 0.2 % and within touching distance of the record highs it had set on Tuesday .
The index is up 14 % this year and nearly 70 % from its March lows , boosted by trillions of dollars in global economic stimulus and hopes that coronavirus vaccines will re-open locked-down economies .
“ The prospect of more rapid and widespread inoculation will be a shot of confidence to markets as the COVID-19 struggle intensifies , ” said Janet Mui , investment director at wealth manager Brewin @ @ @ @ @ @ @ , British lawmakers were set to vote on the UK-European Union trade deal later on Wednesday , a day before a Brexit transition arrangement expires .
MSCI ’ s gauge of Asia-Pacific shares excluding Japan rose 1.4 % to a record high , led by gains in Chinese shares and bringing its gains this year to 19 % .
Japan ’ s Nikkei share average lost 0.45 % , however , on its last trading day of 2020 after jumping to a 30-year high on Tuesday .
[ .T ] Conviction that global @ @ @ @ @ @ @ into the banking system to support the pandemic-stricken economy underpin risk assets .
Although many Republican Senators in the United States remain adamantly opposed to increasing relief payments , support is growing among them , including two from Georgia , who are running in crucial races that will determine who will control the Senate .
In currency markets , the dollar ’ s weakness continued .
It dropped again on Wednesday , the first day where settlement of trades will be in 2021 .
The U.S. dollar index hit its lowest since April @ @ @ @ @ @ @ It was last down 0.12 % .
The euro reached its highest since April 2018 at close to $ 1.23 .
“ The start of COVID‑19 immunization campaigns in several countries as well as additional U.S. fiscal support reduce downside risk to the global economy and bode well for general financial market sentiment , ” analysts at Commonwealth Bank of Australia said in a note .
The Australian dollar rose 0.6 % to $ 0.7663 , a two-and-a-half-year high .
Sterling traded up 0.34 % at $ 1.355 .
The Japanese yen also @ @ @ @ @ @ @ .
German 10-year bond yields [ DE10YT=RR ] – which move inversely to price – gained 0.015 basis points .
Oil prices extended their recent climb on hopes stimulus and reopening of economies next year will spur fuel demand .
U.S. West Texas Intermediate crude futures were up 0.73 % at $ 48.35 a barrel [ O/R ] .
Gold was steady at $ 1,878.5 an ounce .
[ GOL/ ]

Wall St closes higher, dollar drops as remarkable year winds down
By Stephen Culp
NEW YORK (Reuters) -Wall Street ended the session in positive territory and the dollar dipped to its lowest in more than two years on Wednesday, the penultimate trading day in a remarkable year of pandemic, recession and recovery.
All three major U.S. stock indexes gained modestly, but short of all-time closing highs as recently enacted coronavirus relief and the ongoing rollout of COVID-19 vaccines fed optimism over economic recovery in 2021.
“It is light action today,” said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago. “It’s a little bit of ‘Hey, we are going to finish the year strong,’ everybody feels good and we will see what happens come January 4.”
“But at some point we are going to start to have volatility again related to COVID,” Kinahan added. “This is not a story that is going away in the first six months of 2021.”
That sentiment was shared by Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts.
“My anticipation is that (the economic rebound) will probably be more robust in the latter part of 2021,” Keator said. “Once there’s the sense of an all-clear sign, we would anticipate a robust response from the consumer,” Keator added.
Britain approved a coronavirus vaccine developed by Oxford University and AstraZeneca in the latest development in the rapid progression, testing, approval and deployment of drugs to battle the disease.
The Dow Jones Industrial Average rose 73.89 points, or 0.24%, to 30,409.56, the S&P 500 gained 5 points, or 0.13%, to 3,732.04 and the Nasdaq Composite added 19.78 points, or 0.15%, to 12,870.00.
European stocks reversed gains to end a five-day winning streak, closing lower as investors locked in year-end gains.
The pan-European STOXX 600 index lost 0.34% and MSCI’s gauge of stocks across the globe gained 0.35%.
Emerging market stocks rose 1.73%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 1.85% higher, while Japan’s Nikkei lost 0.45%.
The U.S. Treasury yield curve flattened on Wednesday afternoon as traders bought longer-dated debt to rebalance their portfolios ahead of the month-end.
Benchmark 10-year notes last rose 4/32 in price to yield 0.9231%, from 0.935% late on Tuesday.
The 30-year bond last rose 12/32 in price to yield 1.6576%, from 1.674% late on Tuesday.
The dollar fell to the lowest since April 2018 against a basket of world currencies as investors bet on more fiscal support and positioned for year-end in light trading volume.
The dollar index fell 0.38%, with the euro up 0.38% at $1.2293.
The Japanese yen strengthened 0.30% versus the greenback at 103.28 per dollar, while the British pound was last trading at $1.3614, up 0.84% on the day.
Crude oil prices advanced on the back of the weaker dollar and a dip in U.S. inventories, but gains were capped by dimming hopes of a demand rebound.
U.S. crude futures gained 0.83% to settle at $48.40 per barrel and Brent settled at $51.34 per barrel, up 0.49% on the day.
Gold prices rose, countering a dip in the greenback, although global COVID-19 vaccine rollouts and increased risk appetite limited the safe-haven metal’s gains.
Spot gold added 0.8% to $1,892.06 an ounce.
(Reporting by Stephen Culp; Additional reporting by Chuck Mikolajczak; editing by Jonathan Oatis)