Global equity markets managed to close this week in positive territory (MSCI World +0.6%), albeit with sharp divergences in regional performance. Major US indices stumbled further, with the headline S&P 500 index briefly falling 20% below its January 3rd record high, capping its seventh consecutive weekly decline, the longest losing streak since 2001. The Dow Jones Industrial Average fell -0.96% for its eight consecutive weekly decline, the longest weekly losing streak since 1932. Remarkable; even our esteemed Executive Chairman wasn’t around to see that one!
In the financial market lexicon, a 20% decline in the price of a security, group of securities, or a broad market index is often used by commentators to denote an ‘official’ bear market.
TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.