There was no shortage of drama in another tumultuous week for global financial markets. UK markets whipsawed amid the fallout of the chancellor’s mini-budget whilst international markets tumbled on concerns of more aggressive central bank measures to tame inflation.
The blue-chip S&P 500 and technology focussed Nasdaq indices extended their declines for September to 9.3% and 10.5% respectively, making it the worst month for stocks since the start of the pandemic in March 2020. The two indices erased the gains made since mid-June and set new lows for the current year.
The pound fell to record low of 1.0350 versus the dollar in the early hours of last Monday morning but a more serious threat to the UK financial system was to follow.
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.