Market update: It’s all Greek to me: debt drama tops finance ministers’ agenda
Market update: It’s all Greek to me: debt drama tops finance ministers’ agenda
US markets made only small gains on Friday (Dow Jones +0.03%; S&P 500 +0.2%) as positive economic data was overshadowed by some disappointing third quarter results and as the subject of the ‘fiscal cliff’ came to the fore. President Obama reiterated his stance supporting higher taxes on the wealthy. He spoke in response to comments from Republican and House Speaker John Boehner, who is opposed to raising tax rates on the upper-income earners. In macroeconomic releases, consumer sentiment hit its highest level in more than five years and wholesale inventories data surprised to the upside. Company newsflow was less encouraging, however, as retailer JC Penney (-4.8%) announced a sharp decline in sales and Walt Disney Co (-6.0%) said it was coming under pressure from rising costs and falling video sales.
European stocks have had a mixed start this morning (FTSE Eurofirst 300 -0.2%; FTSE 100 +0.1%). Anxieties over potentially unsustainable levels of Greek debt are largely outweighing encouraging news from China. Chinese export growth beat consensus expectations, reaching a five-month high, lending weight to the argument that economic momentum may be picking up again. Later today, Greece will be top of the agenda when eurozone finance ministers meet to decide whether to release a new tranche of funding to the country.
Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE and authorised and regulated by the United Kingdom Financial Services Authority) provide investment products and services.
The Henderson Horizon Fund (the Fund) is a Luxembourg SICAV incorporated on 30 May 1985 and regulated by the Luxembourg Financial Services Regulatory Authority.
Jesmond Mizzi Financial Advisors Limited is the Representative in Malta of Henderson Global Investors. Henderson Horizon Fund is authorised to be marketed in Malta in line with the UCITS Directive. Jesmond Mizzi Financial Advisors Limited (IS30176), 67 Level 3 South Street, Valletta, Malta is licensed to conduct investment services business by the MFSA, Notabile Road, Attard BKR3000, Malta, and is a member firm of the Malta Stock Exchange, Garrison Chapel, Castile Place, Valletta VLT1063, Malta.
The sub-funds of the Henderson Horizon Funds which have been authorised to be marketed in Malta are eight equity funds and one bond fund.
Investors should remember that the value of investments and any income derived can go down as well as up and past performance is no guarantee to future performance. Any investment decision must be made solely on the basis of the information contained in the prospectus, which is available on request from Henderson Global Investors and may be obtained from the local representative Jesmond Mizzi Financial Advisors Limited.