Themes from November

US Federal Reserve kept interest rates unchanged but said inflation would likely rise in 2018, due to declining unemployment, higher business and personal spending.

US 10 year bond yields rose to 2.7% near its highest level since 2014 on concerns over the rate outlook.

Bitcoin and other crypto currencies fell in response to regulatory clampdowns/ bans in South Korea. There are concerns over liquidity should the sell-off persist.

City Developments failed to buy Millennium & Copthorne Hotels reaching a 47% acceptance rate.

CMA reported that it still had plurality concerns over the acquisition of Sky by Fox. However investors took comfort in the proposed remedies and the acquisition appears on track.

Esure CEO departed to make way for an expanded role for majority shareholder Sir Peter Wood.

Carillion went into liquidation, after failing to secure further loans. Carillion held £29m cash but outstanding debt and creditors above £1.5bn.

Capita will undertake a £700m rights issue and further asset sales. The new CEO said Capita must get the balance sheet right and lower both its £1.1bn debt load and pension deficit.

Read the January Newsletter

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