Vermeer Partners

There was a budget... UK government bond yields rose to around 4.5%, their highest in over a year, as a series of government bodies and other think-tanks suggested the Chancellor’s “tax and spend” budget will not raise as much tax as she expects. The OBR have suggested the net effect of the employer’s NI increase is much less than it appears because it results in lower pay and hence lower income tax and employee NI. If you knock-off another c.£6bn for compensating public sector employers then Ms. Reeves’ anticipated £25bn annual tax take could fall to around £10bn. In company news: Apple reported quarterly revenue up 6%, but gave cautious guidance for the crucial Christmas quarter, AMD shares fell on disappointing AI chip sales, Bristol Myers Squibb beat expectations, driven by strong sales of established drugs like blood thinner Eliquis and cancer treatment Revlimid, and KEYENCE CORPORATION, the automation specialists, announced a 16% increase in its dividend as it reported a continuation of its strong performance and earnings above expectations. Read more of William Buckhurst and Charlie Todd's take on last weeks' news in TWTWTW here: https://lnkd.in/eUDFgPec #vermeerpartners #theartofinvestment #investmentmanagement #wealthmanagement #privateclients #HNWI #TWTWTW #investmentnews 

Is this the bottom in the luxury sector share price falls? Hermès was the standout in this reporting season with sales growth +11.3%, and Kering finished 2% higher despite reporting poor results with Gucci Chinese sales declining 25%. Tesla had been the worst performing ‘Magnificent 7’ stock this year, until last week when Elon Musk referred to “slight growth” and beat some expectations. Shares jumped 22% and there was even a mention of flying cars… Newmont Corporation was the worst performing stock in the S&P500 falling 14% after reporting results that disappointed investors looking for better cost performance and more benefit from the recent strong rise in the gold price. Read more from William Buckhurst and Charlie Todd, including Big Mac and e-Coli here: https://lnkd.in/ezeFjKzK #vermeerpartners #theartofinvestment #investmentmanagement #wealthmanagement #privateclients #HNWI #TWTWTW #investmentnews

#US #UK #Data #Semiconductors #Banks Golden Week and Trump That! #vermeerpartners #thatwastheweekthatwas

Gold raced past US$2,700 driven by expectations of monetary policy easing and uncertainty about the US elections and Middle Eastern conflicts. In company news, ASML continues to grow revenues at around 12% while maintaining margins of 50.8%, TSMC also announced better than expected results sending shares 10% higher. However, LVMH reported a drop in sales (3%) for the first time since the pandemic. The wine and spirits division was particular weak albeit with cosmetics pretty solid. More results analysis, including the banks, from Charlie Todd and William Buckhurst in TWTWTW: https://lnkd.in/e2bAeV-s #vermeerpartners #theartofinvestment #investmentmanagement #wealthmanagement #privateclients #HNWI #TWTWTW #investmentnews

...."With our investment process being unashamedly bottom-up we do not spend vast amounts of time trying to forecast which geographic areas will outperform in the short or medium-term. We prefer instead to identify and invest in companies with great franchises across the globe or in companies with exceptional market positions in individual economies. We have previously commented on how different the next ten years will be when compared to the previous decade and we have not changed our mind on this. Economic and market conditions will be volatile and navigating these will make all investors, in the words of the 1971 Doors classic, “Riders on the Storm”.... Read more from Simon King in his latest quarterly review "A view from the bridge" here: https://lnkd.in/eqxi7Z-X #vermeerpartnersLLP #theartofinvestment #wealthmanagement #privateclients #investmentmanagement #IFA

The US Department of Justice confirmed it is looking to break up Google owner Alphabet as part of its antitrust case against the tech giant. Alongside this, a federal judge ruled that Google must make it easier for developers of mobile-app stores to compete on phones and tablets that use the company’s Android software. In European car producer news, we have mentioned the flurry of profit warnings – Stellantis, BMW, Mercedes etc – and data released recently showed that sales in China for European automakers declined sharply last quarter. It wasn’t all bad news as CityAM reported that Porsche sales in the UK helped the luxury car maker’s UK pre-tax profit jumped from £24.4m to £44.6m as the number of cars sold rose from 17,940 to 23,495. Read more from Charlie Todd and William Buckhurst in their summary of last week's headlines in That Was The Week That Was here: https://lnkd.in/eDdU997P #vermeerpartners #theartofinvestment #investmentmanagement #wealthmanagement #privateclients #HNWI #TWTWTW #investmentnews

Middle East tensions escalated when Israel invaded Lebanon. Oil spiked on the news, sending it 10% higher on the week, and the last remaining coal plant in the UK closed its doors. In company news - shares were down at Nike as it withdrew full year guidance, Tesco posted impressive results and more bad news in the auto sector with profit warnings from both Stellantis and Aston Martin Lagonda Ltd. Read more from Charlie Todd and William Buckhurst as they recap last week in TWTWTW: https://lnkd.in/eU-8jT7P #vermeerpartners #theartofinvestment #investmentmanagement #wealthmanagement #privateclients #HNWI #TWTWTW #investmentnews

#Chinese #Stimulus ("Red Dragon has woken up") Poor EU #PMI Data #Autos #AI Corner #Chinese Takeaways #VermeerPartners #TWTWTW

The Chinese central bank unveiled monetary stimulus measures which included cutting short term interest rates while also announcing plans to reducing bank restrictions. Stocks with exposure to this market rallied strongly on the news including LVMH, L'Oréal, The Estée Lauder Companies Inc. and Shiseido. And whilst the Hang Seng (Hong Kong) had its best week in 15 years, up 12.8% – the CSI300 index (Shanghai/Shenzhen) rose 15.7%, which was the largest weekly gain since November 2008. Read more about last week's highlights from Charlie Todd and William Buckhurst here: https://lnkd.in/eDHpAQn4 #vermeerpartners #theartofinvestment #investmentmanagement #wealthmanagement #privateclients #HNWI #TWTWTW #investmentnews 

The Bank of England decided to keep its rates the same at the latest committee meeting (with only one member wanting a 0.25% cut). UK retail sales rose by a stronger-than-expected 1% in August and growth in July was revised up. In Company News - Nike announced that Elliott Hill, a Nike ‘lifer’, will become the new CEO as its turnaround efforts increase. Good news for patients, not such good news for Novo Nordisk after the company stated that Ozempic was “very likely” to be targeted for price cut negotiations with the US Medicare programme. And gloomy news from Accenture after it was reported they were set to delay the bulk of promotions by six months. And finally OpenAI is releasing a new AI model known as “Strawberry” that can perform some human-like reasoning tasks, as it looks to stay at the top of a crowded market of rivals. Read more from Charlie Todd and William Buckhurst here: https://lnkd.in/ed4xWhVn #vermeerpartners #theartofinvestment #investmentmanagement #wealthmanagement #privateclients #HNWI #TWTWTW #investmentnews #laterlifeplanning