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...Sterling fell 0.3 per cent to trade at $1.2333, its weakest level since mid-November....
...The S&P purchasing manager’s index, a measure of activity in the private sector, rose to 53.3 in February, up from 52.9 in January and the highest since May 2023....
...Seems to me, therefore, that unless I can beat the S&P 500 — in sterling to match my liabilities — I shouldn’t bother. The author is a former portfolio manager....
...The FTSE 100 trades on a 11.6x P/E. This valuation puts the UK on the 38th percentile vs. its own history (since 2006)....
...“You’ve got energy prices coming down, sterling going up, and rates potentially coming down. All of that mix is good.” Others, however, remain unconvinced....
...In another test, S&P looked at US mutual funds....
...Wall Street’s benchmark S&P 500 closed 1.6 per cent lower in a broad-based sell-off, and the tech-focused Nasdaq Composite declined 1.8 per cent....
...Sterling, which had been strengthening against the dollar before the release of the PMI data, jumped 0.23 per cent to $1.253 almost immediately after its publication....
...On average, the S&P 500 immediately fell 1.2 per cent. It then drops another 5 per cent over the next three weeks....
...For comparison, payouts (which include buybacks) only account for 20 per cent of total returns for the S&P 500....
...The S&P 500 on Thursday hit its lowest level since June and the tech-heavy Nasdaq Composite fell to its lowest since August. Kate Duguid Will sterling keep falling?...
...Sterling lost 0.7 per cent against the dollar to $1.2640 after a closely watched measure of UK economic activity contracted for the first time since the start of the year....
...Sterling was up 0.5 per cent against the dollar, rising to a 15-month high of $1.2934....
...The S&P 500 fell 0.3 per cent, after its biggest one-day drop on Wednesday since April. The Nasdaq Composite gave up 0.1 per cent....
...Wall Street’s benchmark S&P 500 index rose 0.8 per cent, building on gains that carried it to a 15-month high in the previous session. The tech-dominated Nasdaq Composite added 1.6 per cent....
...Themos Fiotakis, head of FX research at Barclays, said sterling had rallied “too much” ahead of the most recent central bank meeting and was “susceptible to a bit of a sell-off”....
...For example, the base currency for my S&P 500 ETF is dollars and I own a sterling version....
...In the US, gains for Big Tech have pushed the top-heavy S&P 500 14 per cent higher....
...US government bond prices fell, sending yields to their highest levels in 16 years, while the S&P 500 benchmark index of blue-chip US stocks suffered one of its deepest weekly declines of the year....
...For example, my 7.2 per cent compares with 4.7 for the FTSE 100, 12 per cent for the S&P 500 and 6.5 per cent for Stoxx Europe 600 index....
...The S&P 500 returned 11 per cent in the first half of the year in sterling terms, compared with 2.6 per cent for the FTSE All-Share....
...The S&P 500 and the Nasdaq Composite both fell about 1.5 per cent. Investors are worried about higher for longer interest rates. But sterling got the strongest punch to the gut....
...Where is the S&P 500, then? Perhaps you don’t want to know....
...Sterling was up 0.2 per cent against the dollar to $1.27....
...So say you’re a sterling investor holding again an S&P 500 ETF....
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