3rd March 2013
1) Gold suffered its worst run of monthly falls since 2007. February was the fifth month of falls. Gold was below $1600 a ounce at the end of the month as trade website Investment Week reports.
2) The Investment Management Association, the trade body for mutual fund managers, has decided to rename the absolute return sector as the targeted absolute return sector as the Telegraph reports. The trade body has been criticised for the change with some even arguing it is a contradiction in terms. The intention is to underline that there is no guarantee of positive returns with this type of fund.
3) The UK can’t triple dip next month because it never double dipped as Henderson chief economist Simon Ward points out here on Mindful Money. Revisions to GDP last year show we didn’t dip into recession for a second time. Ward says the numbers are increasingly positive.
4) The Italian electorate has not come to terms with austerity. Anti-austerity parties won a majority in the election – not that they can form the Government because they don’t agree on anything else. As the Guardian reported mid week, markets were not impressed including buyers of Italian ten year debt which pushed towards 5 per cent. It is certainly amber if not quite red alert for the European Central Bank.
5) ITV, just like its hit drama Downton Abbey, is proving to be an unexpected British success story under chief executive Adam Crozier. Last week the firm revealed a rise in profits of six per cent for the year to £348m and a £158m payout to shareholders. Under Crozier, three years into a five year plan, the share price has doubled to about 123p. Good work for firm that was thought to be on the ropes only a few years ago.