Summer lull as markets go through the motions
We wrote last week that fortunes could be changing on the COVID front, with UK case numbers showing a decline from their (possibly temporary) peak. Since then, the 7-day average for daily cases has fallen for the first time since Britain started reopening. It is far too early to say whether this marks a sustained turn for the better, but it has certainly brought some much-needed optimism. The good mood has spread to markets too, with UK assets outperforming global peers and sterling gaining against other currencies.

China’s risks could bring greater reward
You have probably heard that the Chinese word for crisis is composed of symbols for both danger and opportunity. While this is a mistranslation, as well as being something of a cliché, nevertheless for investors, China has often proved the site of much danger and even more opportunity. The commotion in the Chinese education sector last week highlights the risk and reward pairing, but for the wrong reasons.


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