Advertise on podcast: Walker Crips' Market Commentary

Last week, the Bank of England's (“BoE”) weekly short-term repo allotment hit a record high of over £100 billion, marking the shift to a repo-led system, while the BoE considers tokenised assets as eligible collateral. The UK labour market softening continued, with Adzuna reporting that December job vacancies fell 15% year-on-year to a 2020 low, as rising payroll costs slowed hiring. This supports the majority view of a March rate cut, despite BoE Governor Andrew Bailey stressing the need to boost market resilience. Globally, Prime Minister Keir Starmer and President Xi agreed on a "strategic partnership," resetting UK-China relations with progress on whiskey tariffs and visa waivers, alongside cooperation on equipment used for restricting small boat crossings. Chatham House noted Beijing views the UK as a stable partner amidst US policy "disruption," with low current investment, 0.7% of UK foreign direct investment, offering significant growth potential... Stocks featured: 3i Group, Fresnillo and Lloyds Banking Group To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

Last week, UK economic data revealed a mix of rising price pressures and surprising resilience in activity. Inflation surprised on the upside in December with the headline Consumer Price Index (“CPI”) rising to 3.4%, driven by higher airfares and tobacco duty, a development likely to instil policy caution at the Bank of England (“BoE”) next month. However, economic activity accelerated, as the January Purchasing Managers Index (“PMI”) recorded its strongest upturn since April 2024, hitting a 21-month high of 53.9, which S&P Global noted is indicative of a 0.4% quarterly growth rate. Retail sales also beat expectations with a 0.4% expansion in December, though a quarterly decline in goods purchased suggests underlying household consumption remains weak. In financial markets, gilts headed for their worst weekly performance since November amid political risk, while Vanguard announced plans to offload approximately £1.9 billion of UK shares to reduce "home bias" in its funds... Stocks featured: Admiral Group, Endeavour Mining and Rentokil Initial To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

Last week the Bank of England ("BoE") released data showing unexpected resilience in November’s gross domestic product ("GDP"), which expanded by 0.3%, surpassing the 0.1% forecast and ending a two-month decline. The growth was driven by a rebound in both services and manufacturing, aided by Jaguar Land Rover’s recovery following a cyberattack, despite ongoing structural risks. At the same time, BoE Governor Andrew Bailey defended the importance of economic institutions and open trade, urging resistance to populist attacks and warning that undermining bodies such as the International Monetary Fund ("IMF") weakens their ability to highlight economic risks. Meanwhile, the Office for National Statistics ("ONS") may delay its new labour market survey by six months, potentially until May 2027, due to technical difficulties. Adding to concerns, the Institute for Public Policy Research ("IPPR") highlighted vulnerabilities in the UK economy, noting that supply chain disruptions linked to China could cost £1.5 billion annually for solar projects and jeopardise 90,000 electric vehicle jobs unless the government implements a 'securonomics' framework... Stocks featured: Pearson, Schroders and Whitbread To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

Last week UK markets rallied as investors flocked to gilts, putting them on track for their best week since October, with benchmark yields falling more than 0.1% to nearly 4.4%. This fixed income resurgence was underpinned by a government pivot away from long-term borrowing and intensifying bets on an April rate cut from the Bank of England (“BoE”). Economic data supported the dovish outlook as the labour market showed signs of significant strain; potential redundancies surged to over 33,000 in late 2025, the highest level in nearly three years, prompting strategists to forecast that deteriorating macro conditions will force policymakers to ease rates sooner than previously expected... Stocks featured: Associated British Foods, BAE Systems and Marks & Spencer To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

UK markets endured a cautious week as fresh data reinforced concerns about a softening economic backdrop and limited policy headroom. Surveys of economists pointed to a deteriorating labour market outlook, with unemployment expected to rise toward 5–5.5% by the end of 2026 amid weak growth and slowing wage momentum. Business sentiment also weakened, with a British Chambers of Commerce survey showing fewer firms expecting turnover growth and rising concern around tax and inflation pressures. Consumer behaviour remained subdued with KPMG and Barclaycard data highlighting reluctance to spend heading into 2026, with the first annual decline in card spending in five years. Manufacturing data offered some relief, with the Purchasing Managers’ Index (“PMI”) revised slightly lower but still at a 15-month-high, though growth remained skewed toward larger firms and exports continued to contract... Stocks featured: Endeavour Mining, Melrose Industries and Rolls-Royce Holdings To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

Last week the Bank of England (“BoE”) cut interest rates by 25 basis points to 3.75%, with Governor Andrew Bailey signalling optimism for hitting the inflation target by late spring and suggesting openness to further easing. This dovish shift, which also noted artificial intelligence-driven job displacement risks, contrasts with other policymakers' hawkish concern over "hot" wage growth. Analysts believe further cuts beyond 3.5% will require stronger evidence of cooling pay pressures. UK retail sales unexpectedly fell by 0.1% in November, driven by drops in food and online sales. However, the GfK Consumer Confidence index surprisingly rose to -17 in December on increased major purchase intentions, indicating moderating caution despite a subdued economic outlook... Stocks featured: Bunzl, Endeavour Mining and Fresnillo To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

The past week revealed unexpected weakness in the UK economy, with Gross Domestic Product (“GDP”) contracting by 0.1% in October against expectations for modest expansion. The decline was driven by falls in both services and construction, alongside a steep 17.7% drop in motor vehicle production, as pre-Budget fiscal anxiety weighed heavily on output. Despite this immediate slowdown, the Confederation of British Industry (“CBI”) upgraded its growth outlook, raising its 2026 GDP forecast to 1.3% and 2025 to 1.4%, citing a temporary boost from government spending while warning that deep-rooted structural problems remain. Meanwhile, the latest Bank of England (“BoE”) & Ipsos survey signalled a gradual easing in public inflation expectations for the year ahead to 3.5%, though hawkish policymakers continue to warn of persistent upward risks... Stocks featured: Informa, Unilever and WPP To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

The past week saw increased regulatory focus and a cooling labour market. The Bank of England (“BoE”) launched a "system-wide exploratory exercise" to stress-test private equity and credit markets, which hold 15% of UK corporate debt. The exercise will be run over two rounds, allowing officials to examine the impact of a crisis on the private capital market as well as on the wider financial system. Regulators around the world are concerned about the build-up of risks in the rapidly expanding private credit market after the collapse of the US car parts supplier First Brands and subprime auto lender Tricolor. UK Employment data showed a slowdown, with the BDO Employment Index hitting a 14-year low, and KPMG reporting continued declines in permanent placements and vacancies due to high costs and budget uncertainty. Despite this, persistent wage pressure for skilled labour pushed permanent salary inflation to a five-month-high, offering a slight sign of stabilisation... Stocks featured: Antofagasta, Diageo and JD Sports To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

The week was defined by Chancellor Rachel Reeves’ pivotal budget, which combined £26 billion in tax rises with increased spending commitments. Despite the Office for Budget Responsibility (“OBR”) upgrading 2025 growth to 1.5%, the reaction from the business community was negative. Following the tax rises, KPMG countered the OBR, warning growth will stall to 1% in 2026. Corporate sentiment crashed as the Institute of Directors (“IoD”) reported near-record low confidence, while the Confederation of British Industry (“CBI”) saw service optimism fall at its fastest rate in three years. Although a £22 billion fiscal buffer calmed markets, the cost was a collapse in business investment intentions to pandemic lows. Furthermore, with the Bank of England (“BoE”) warning it may "look through" one-off price cuts, the rate path remains complicated despite markets pricing a near-certain December cut... Stocks featured: Lloyds Banking Group, St. James's Place and Whitbread To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

UK markets faced a difficult week as incoming data highlighted a loss of economic momentum ahead of this week’s Budget. The UK flash Purchasing Managers' Index (“PMI”) for November fell to a two-month low, with a slowdown in the services sector outweighing a modest recovery in manufacturing, signalling quarterly growth of just 0.1%. Retail sales fell 1.1% month-on-month, the first decline since May, while consumer confidence weakened sharply, with both GfK and British Retail Consortium (“BRC”) surveys showing significant deterioration. Inflation eased to 3.6% in October after three months at 3.8%, while core inflation softened to 3.4%, aligning with Bank of England (“BoE”) expectations. Pay settlements rose to 3.3%, the highest level this year, adding to cost pressures, while hawkish Monetary Policy Committee (“MPC”) members warned that policymakers cannot be complacent, highlighting ongoing upside risks... Stocks featured: Games Workshop, Halma and JD Sports Fashion To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

The case for a December Bank of England (“BoE”) rate cut strengthened significantly last week, as a string of data pointed to a stalling economy and a rapidly cooling labour market. Third quarter gross domestic product (“GDP”) growth fell short of expectations at just 0.1%, with the lack of momentum reflecting continued weakness. Further to this, UK unemployment figures rose to 5%, the highest since 2021, prompting traders to price in an 80% chance of a BoE rate cut in December. In addition, UK wage growth is stalling, with a recent KPMG/Recruitment and Employment Confederation survey showing near 4-year lows, indicating to the BoE that wage pressures are easing. All eyes will now be on Wednesday's inflation data, forecast to ease to 3.6%, which would support the case for a more dovish BoE... Stocks featured: 3i Group, SSE and Vodafone Group To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

The Bank of England’s (“BoE”) Monetary Policy Committee delivered a narrow 5–4 vote to keep interest rates unchanged at 4%, marking one of the most finely balanced decisions in recent years. The split highlights the delicate equilibrium policymakers face amid uneven data. The BoE signalled that inflation, last recorded at 3.8% in September, has likely peaked and is now easing, keeping a December rate cut firmly on the table with markets pricing a 60–70% probability of a 0.25% reduction. Governor Andrew Bailey’s decisive vote, coupled with dovish comments acknowledging that a 3.5% terminal rate “fairly describes” his outlook, reinforced market conviction that the easing cycle could begin soon. Economic indicators were mixed with the UK Composite Purchasing Managers' Index (“PMI”) rising to 52.2, driven by services strength (52.3), while manufacturing stabilised (49.7) and construction contracted sharply (44.1)... Stocks featured: Airtel Africa, InterContinental Hotels Group and Rightmove To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

The Bank of England’s (“BoE”) Monetary Policy Committee meets this Thursday to determine the UK’s next interest rate decision, with markets broadly expecting rates to remain unchanged. However, a growing camp of analysts believes recent macroeconomic developments could tilt the balance towards a rate cut. Governor Andrew Bailey’s vote will likely prove decisive, though the contrasting stances of Deputy Governors Sarah Breeden (dovish) and Clare Lombardelli (hawkish) underscore the committee’s divisions. The meeting takes place against a backdrop of persistently weaker UK business sentiment, with the Institute of Directors’ (“IoD”) confidence index registering lower, close to September’s record low. On the inflation front, employers expect pay settlements to ease to 3%, and shop prices have fallen for the first time since March; both developments strengthen the case for a more dovish BoE stance... Stocks featured: Airtel Africa, GSK and WPP To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

The UK economy presented a nuanced picture last week, with signs of stability tempered by persistent structural challenges. Inflation held steady at 3.8% year-on-year, below forecasts, fuelling speculation of a Bank of England (“BoE”) rate cut in December, with futures now pricing a 75% probability. However BoE officials remained cautious as Governor Andrew Bailey highlighted Brexit’s drag on growth, while Monetary Policy Committee member Megan Greene resisted quarterly cuts. Economic data were mixed, with the Purchasing Managers' Index rising to a two-month high (51.1) and retail sales surprising positively, while borrowing hit a five-year peak and construction activity reached an 11-year low. Consumer sentiment improved slightly, but UK public inflation expectations over the next 12 months climbed to 4.2%, underscoring the BoE’s delicate balancing act... Stocks featured: London Stock Exchange Group, Rentolkil Initial and Fresnillo To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.

The UK economy presents a mixed outlook as the Bank of England (“BoE”) remains cautious about inflation persistence. Monetary Policy Committee (“MPC”) member Catherine Mann warned of clear upside risks to inflation and advocated maintaining tight policy, while fellow MPC member Megan Greene argued closer EU ties could boost productivity and ease price pressures. Chief Economist Huw Pill signalled a slower pace of easing amid uncertain shocks, and Governor Andrew Bailey faced scrutiny over policy direction at global meetings. Economic data were uneven, with unemployment rising to 4.8% and wage growth easing slightly, while gross domestic product rose 0.1% in August. Retail sales and consumer sentiment softened as household costs remained high, and grocery inflation accelerated to 5.2%. Business confidence weakened amid rising costs and potential tax hikes... Stocks featured: Endeavour Mining, Pearson and Whitbread To find out more about the investment management services offered by Walker Crips, please visit our website: https://www.walkercrips.co.uk/ This podcast is intended to be Walker Crips Investment Management’s own commentary on markets. It is not investment research and should not be construed as an offer or solicitation to buy, sell or trade in any of the investments, sectors or asset classes mentioned. The value of any investment and the income arising from it is not guaranteed and can fall as well as rise, so that you may not get back the amount you originally invested. Past performance is not a reliable indicator of future results. Movements in exchange rates can have an adverse effect on the value, price or income of any non-sterling denominated investment. Nothing in this podcast constitutes advice to undertake a transaction, and if you require professional advice you should contact your financial adviser or your usual contact at Walker Crips. Walker Crips Investment Management Limited is authorised and regulated by the Financial Conduct Authority (FRN: 226344) and is a member of the London Stock Exchange. Hosted on Acast. See acast.com/privacy for more information.