TEAM Asset Management’s global weekly market review for week commencing 2nd October. TEAM Asset Management is a Jersey-based independent asset management company of AIM-listed parent, TEAM plc (LON:TEAM).
It was a mixed week for markets before major indices eventually found buyers at technical support levels. The blue-chip S&P 500 and technology focussed Nasdaq indices gained 1.1% and 1.3% respectively.
Spiralling US debt levels continued to cause unease and $275 billion was added to the nation’s total debt in a single day, taking the total amount to a record $33.4 trillion. Just two weeks ago that total US debt hit $33 trillion for the first time ever, which means the US has added $32 billion per day since then, or $1.4 billion per hour. The US is now on track to add $1 trillion of debt in a month at its current pace.
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.
