Shares in London are up a little as investors digest attempts to ease lockdown in some parts of the world. Our Trader writer Neil Wilson says: 'Stocks suffered yesterday as bulls’ hopes ran up against a wall of bad economic data, another drop in oil prices and banks’ earnings reports, but have recovered some composure in early trade today.
Wall Street fell about 2 per cent, with the S&P 500 back under 2800 after a couple of shocking economic data releases ratcheted up the pressure on the bulls to find reasons to sustain the rally. US retail sales were sharply lower, falling around 8.7 per cent month on month, the sharpest fall since it was first tracked in 1992. Britain followed suit, with UK retails down 4.3 per cent in March from the same month a year ago, marking the steepest decline since records began in 1995.' For Neil's full article, click here.
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Compared to most money managers, Schroders’ (SDR) assets under management held up very well in the first quarter of 2020, declining by just 6 per cent to £470.5bn. This headline masks the £60.1bn negative investment return in the period, as well as the receipt of £29.5bn from its Scottish Widows mandate – which contributed 97 per cent of the group’s net new business. The group has also “materially” increased support for charities assisting those most impacted by Covid-19, including providing direct grants, a company-wide collective action scheme for employees to voluntarily donate up to 25 per cent of salary, and variable and basic salary sacrifices for all executives and board members. Buy.