Ascencia Investment Management: Weekly Investment Update

Global News

European economic data – Germany’s flash manufacturing PMI data for the month of September hit a 10 year low, coming in at 41.4 on Monday, way below market expectations of 44.0, meaning factory output is falling further and further into contraction. The Eurozone flash composite output PMI figure also came in way below last month’s figure, coming in at 50.4 for September (75-month low), from 51.9 in August. Economic indicators are once again showing the effects of the current geo-political climate, as the general slowing of global growth accelerates.

UK Parliament reconvenes – Prime Minister Boris Johnson’s plan to prorogue UK Parliament came to an abrupt end this week, as the Supreme Court unanimously overruled the decision to suspend Parliament, stating that prorogation in the weeks leading up to the Brexit deadline was unlawful. After the ruling, Parliament reconvened on Wednesday. It now seems unlikely that PM Johnson will be able to keep his promise of delivering a withdrawal agreement before the 31st October deadline, with it now looking more likely an extension to article 50 will be requested.

Impeach President Trump? – The US House of representatives opened up a formal impeachment enquiry against President Donald Trump this week, following a whistle blower’s allegations that he pushed Ukraine’s government to investigate the top 2020 Democratic Presidential candidate, Joe Biden, over a phone call in July. To try and deflate the situation, or “witch hunt”, the White House released the partly redacted transcript of the July phone call with Ukraine’s President Volodymyr Zelenskiy. The release of the transcript did nothing to ease the criticism of President Trump’s approach to foreign policy, with the whistle-blower claiming that White House officials were “deeply disturbed” by the phone call and attempts were made to lock down the transcripts.

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