Over the past week, I was delighted to hear the wonderful news that Princess Catherine has completed her chemotherapy treatment. The Princess of Wales shared an emotional update, expressing her relief at reaching this significant milestone after a challenging nine-month journey. While her full recovery will take time, she plans to gradually resume her public duties in the coming months. I am sure you will join me in wishing her continued strength and well-being as she progresses in her recovery. We eagerly look forward to seeing her at public events again soon.
In other uplifting news, Team GB achieved an outstanding result at the 2024 Paralympics, which concluded last Sunday. With an impressive tally of 124 medals, Great Britain proudly finished second overall, a testament to the dedication and hard work of these remarkable athletes. Their achievement is truly something for the nation to celebrate.
It seems that autumn has arrived early this year, with an unseasonably cold spell as Arctic winds have been sweeping across the UK this week. As the chill sets in, it is a timely reminder that the U.S. election, set for November 5th, is fast approaching. On Tuesday Republican nominee Donald Trump and Democratic Nominee Kamala Harris had their first ever face-to-face meeting for a presidential debate. The meeting came nearly two months after President Joe Biden’s dismal performance in his debate with Donald Trump in June forced him to end his re-election bid and back Harris for the presidency.
On Tuesday Trump and Harris took to their podiums for their first (and potentially only) debate of this election cycle. The debate, which comes at a time when both national and swing state polls show the race for the White House remains on a knife edge, was one of the most anticipated meetings in US political history. Many had hoped that the debate would shed some light on which way the presidency would go with the voting day now less than two months away.
While many anticipated that Trump might unsettle Harris, the Democratic nominee instead stood her ground and delivered a series of sharp critiques. On topics ranging from abortion to Trump's fitness for office, Harris left her Republican rival visibly off balance and while Harris initially appeared to falter during discussions on inflation and trade, she quickly shifted the momentum. Over the course of the 90-minute debate, she portrayed Trump as an extremist unfit for the presidency, repeatedly drawing him into defensive responses. Her pointed remarks on his rally sizes, his handling of the Capitol riot, and criticism from former administration officials provoked visibly frustrated reactions from Trump. He spent much of the debate defending his past actions, often raising his voice and shaking his head in response to Harris’s calculated attacks and even talking about the mysterious disappearing cats and dogs in the town of Springfield – suggesting they were being eaten by immigrants. Very strange indeed.
Several media outlets agreed that while the debate was light on policy it did seem that Harris was successful in unhinging Trump and leaving him with many missed opportunities. Consensus has been that Kamala won the debate.
As we transition into autumn, our investment team has taken time to reflect on the eventful summer we've experienced in the markets. While summer is typically a quieter period, this year was marked by heightened volatility, especially in early August as global markets, particularly U.S. equities in the technology and energy sectors, experienced sharp declines. This was largely driven by softer economic data, including weak job reports and concerns about slowing global growth. However, by the end of the month, most markets managed to recover much of their lost ground due to several positive developments.
However, it is pleasing to report that despite this period of volatility, our portfolios demonstrated resilience during the downturn while also participating in the subsequent recovery. As we prepare for an interesting final quarter, with a high chance the U.S. Federal Reserve will cut interest rates for the first time since the pandemic and the ongoing suspense over the U.S. election, rest assured that we are actively working to find new investment ideas and capitalise on the upcoming opportunities.
Do have a good weekend and keep an eye on your pets!
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