The Market Call

The Market Call gives a periodic summary of major macro events, market themes and selected UK company-specific news.

<< Back to The Market Call archive

April 27, 2024

Week Ending 25/04/24 – Don’t like to say it, but we told you so!

Please note this was recorded before the Microsoft and Alphabet Q1 results were announced.

Gareth and Jeremy discuss the prospect of great equity market dispersal, the benign political risk of the UK, the demise of ESG, and the attractive value of UK-listed assets. Meta and Nvidia share prices are falling, and the Magnificient Seven shows signs of fragmentation. It might be too early to call. Still, there are signs of the global equity market fragmenting. Meanwhile, a new age of realism has replaced accepted ESG ideology in politics and corporate strategy. In this context, they discuss the offer for Anglo American from Aussie miner, BHP. In the UK, results and updates continue to be broadly in line with expectations, the FTSE 100 has moved to an ATH and Filtronic's share price soars into low earth orbit as they sign a remarkable deal with Elon Musk's SpaceX. In next week's news, they highlight European GDP and US jobs data next week, plus the increasingly important Japanese interest rate picture as the BoJ announces its policy rate guidance.     

Brought to you by Progressive Equity Research

This communication is provided for information purposes only, and is not a solicitation or inducement to buy, sell, subscribe, or underwrite securities or units. Investors should seek advice from an Independent Financial Adviser or regulated stockbroker before making any investment decisions. Progressive Equity Research Ltd (“PERL”) does not make investment recommendations.

Opinions contained in this communication represent those of PERL and/or our affiliates at the time of publication and PERL does not undertake to provide updates to any opinions or views expressed. PERL does not hold any positions in the securities mentioned in this communication, however, PERL’s directors, officers, employees, contractors and affiliates may hold a position,  and/or may perform services or solicit business from, any of the companies or related securities mentioned.

Any prices quoted in our research are as at the previous day’s close.