This is the first day of the fourth quarter. Back of the envelope calculations suggest $11trn was wiped off global portfolios in the third quarter, reports the Trader. But today the UK market is in bullish mood, perhaps because a survey of purchasing managers in the manufacturing sector came in slightly ahead of expectations.
IC TIP UPDATES:
Contrarian tip of the year Record (REC) announced that one of its currency-hedging clients was planning to terminate a £900m mandate, probably by the end of the year. Record provided the client with ‘dynamic hedging’ – that is, it tried to predict the course of currency markets to make a return on currencies. The shares did not move in morning trading, but our buy recommendation is under review.