KEN BAKSH INVESTMENT VIEW DECEMBER 2021

During the one-month period to 30^th November 2021, major equity markets, as measured by the aggregate FTSE All – World Index, fell, with some major indices dropping over 5%. The UK narrow and broader indices both lost about 2.5%, although now up under 10% since the year end. The VIX index rose sharply to a level of 27.47, most of the jump occurring news of a new Covid variant, released towards the end of the period. Unsurprisingly the travel and leisure sector experienced the brunt of the equity price falls. Government Fixed Interest stocks rose over the month although there were mixed price trends amongst other bonds. The UK 10-year gilt ended the month on a yield of 0.72% with corresponding yields of 1.45%, -0.35% and 0.059% in USA, Germany, and Japan respectively. Currency moves featured a weaker pound, while commodities were generally weak, except for some food products.

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