18th October 2013
1) The blockbuster fund management move of the week involved Invesco Perpetual’s Neil Woodford who is stepping down in April to set up a new company. The big question for most investors is whether to switch out of the Income, High Income, the Invesco Perpetual UK equity pension fund and the Edinburgh Investment Trust. It is not yet clear if he is ceasing to manage the latter investment trust. Brokers disagreed over whether to switch now or leave the money invested at least until the spring and Mindful Money covered the debate. We don’t think there’s a massive rush.
2) Royal Mail shares soared on their full stock market debut ending the week above 502p but that price puts the heat on the Government for selling too cheaply.
3) The US looked over the precipice and decided not to jump. A deal was struck to raise the debt ceiling and markets reacted favourably as Thisismoney reports. US politicians are set to take the world back to the brink and peer over the precipice again in the new year.
4) China picks up economically which will raise a cheer globally as it looks set to hit its 7.5% target this year.
5) Google shares reached $1000 as the BBC reports. Boss Larry Page says he is spending most of his time on his mobile. The Register is more irreverent describing the firm as the web advert slinger, but the numbers are impressive.