A strong action from China’s government led to a regulatory crackdown of some Chinese companies listed in the U.S and significant losses in the markets ensued.
As the world continued to grapple with the COVID-19 pandemic, UK Prime Minister Boris Johnson scrapped all COVID restrictions making the UK the least restricted country in Europe. Meanwhile, billionaire Richard Branson flew to the edge of space on his Virgin Galactic rocket plane in a space tourism test that could see passengers paying up to £250K a ticket for the 90-minute flight.
The technology sector had another strong month after Federal Reserve Chairman, Jerome Powell, eased his comments to roll back the economic stimulus, reaffirming, nonetheless, the need to start reducing the amount of bond purchases before the end of 2021.
Rihanna is named the world’s wealthiest female musician worth $1.7 billion according to Forbes. Canadian Prime Minister Justin Trudeau held a snap general election, two years ahead of schedule but did not gain the majority he was hoping for.
Sharp selloffs in equities, as the markets assessed the impact of the potential default of “Evergrande”, China’s biggest real estate company.
A first edition of Mary Shelley’s 1818 novel “Frankenstein” sold for $1.17 million, setting a new world record for a printed work by a woman.
Despite the mounting fears of a rampant inflation, companies in the U.S delivered the strongest quarterly earnings in more than a decade, as firms were able to pass on the rise in costs to the final consumer.
The ‘Pandora Papers’ investigation revealed a secretive financial system that enables the world’s wealthy and powerful to hide their money and assets from creditors, taxing authorities and governments. The files included details on the secret wealth of 30 current and former world leaders including Jordan’s King Abdullah II, Czech PM Andrej Babis and former UK PM Tony Blair.
After months of minimizing the impact of inflation and calling it “transitory”, Fed Chairman, Jerome Powell, “deleted” the word from the Fed’s vocabulary and signalled a ramping of the pace of bond tapering and future interest rate hikes for 2022. By this time, inflation numbers were already among the highest in nearly 30 years. This revealed itself as one of the most important moments of the year 2021, with implications that will extend well into 2022.
US President Joe Biden signs a ‘once in a generation’ $1 trillion infrastructure bill into law. In a speech before signing the law, Mr Biden said, ‘My message to the American people is America is moving again. And your life is going to change for the better.’
In the UK, the Bank of England surprisingly increased interest rates for the first time since the start of the pandemic by 15bps to 0.25%, signalling a picture of what’s to come in 2022.
New COVID variant Omicron, first detected in South Africa, began to spread rapidly around the world. Pre-Christmas hospitality is affected as diners deserted pubs, bars and restaurants for fear of catching COVID just before the holiday season.
In brighter news, for Bruce Springsteen anyway, the musician sold his music back catalogue to Sony Music Entertainment for an estimated $500 million, in possibly the biggest deal ever for a single artist. Happy Christmas, Bruce!
Check out Part 1 online
Advice from Blacktower Financial Management
The world is an unpredictable place and we can’t know what’s going to happen next. That doesn’t mean we shouldn’t make plans for our secure financial future. Our wealth management service provides a dedicated advisor to help you manage your retirement wealth. We’ll work in partnership with you to identify the best options for your savings and investments and we’ll regularly review your financial position to help you achieve maximum return. Contact one of the representatives at our Algarve office today for your free no-obligation discussion.
Blacktower in Portugal
Blacktower’s offices in Portugal can help you manage your wealth to your best advantage. For more information contact your local office.
Manuela Robinson is the Associate Director of Blacktower in the Algarve, Portugal, with offices in Quinta do Lago and Cascais.
Blacktower Financial Management has been providing expert, localised, wealth management advice in Portugal for more than 20 years. We can help with specialist, independent advice on securing your financial future. Get in touch with us on:
(+351) 289 355 685 or email us at: