Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

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August 17, 2023

Fears of China slowdown & higher yields push risk assets lower

Macro & Overnight

Concerns have heightened over the potential for a Chinese deflationary spiral. Meanwhile, post the recent Fed minutes, US bond yields indicate a higher-for-longer outlook. Japan’s exports fell due to China’s lower-than-expected demand for manufactured products.

Crude oil is weakening while the DXY continues its multi-week rally. These factors combine to push markets into risk-off mode.

UK Company News

BAE has announced a $5.6bn US acquisition of Ball Aerospace. 

Robinson, the plastic and paperboard packaging manufacturer, said its revenue was down 4.3%, gross margin in line, delivering a loss before tax of £0.9m. It has net debt of £9.0m. it is now seeing more new business activity with existing and potential new customers. It expects operating profit in 2023 to be marginally ahead of 2022 and in line with current expectations.


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