Weekly Client Update – 14th July 2023

Market Overview

Global stock markets were mostly lower this week, as investors continued to worry about rising inflation and the potential for a recession. The S&P 500 fell 0.8%, the Dow Jones Industrial Average dropped 0.4%, and the Nasdaq Composite Index declined 0.7%.

European stock markets also fell this week, with the pan-European STOXX 600 Index down 1.4%. German stocks were particularly weak, with the DAX falling 2.1%.

Chinese stocks also declined this week, with the Shanghai Composite Index down 0.7% and the Hang Seng Index down 1.2%. The sell-off in Chinese stocks was driven by concerns about the country’s slowing economy and the ongoing trade war with the United States.

Oil prices fell this week, as investors worried about the impact of rising interest rates on demand. Brent crude oil fell 2.3% to $79.50 a barrel, while West Texas Intermediate crude oil fell 2.2% to $75.70 a barrel.

Gold prices rose this week, as investors sought safe-haven assets amid the global economic uncertainty. Gold futures rose 1.1% to $1,815.80 an ounce.

Overall, global markets were volatile this week, as investors continued to grapple with the uncertainty surrounding the global economy. The sell-off in stocks was particularly pronounced in Europe, where investors are also worried about the potential for a recession. However, gold prices rose as investors sought safe-haven assets.


Jersey women’s football team dropped from tournament after coin toss.

Jersey’s women’s football team are out of the semi-finals of the Island Games due to an admin error.

The team was preparing for the chance to win a medal in Thursday’s semi-finals when it was decided at around 9:30am that Menorca were back in with a chance of the last four of the competition.

It was revealed that a yellow card was incorrectly given to the Spanish side in their group match against the Isle of Wight. They contested the false card, which was approved by checking referee books and paperwork, meaning both islands were fighting for the same spot in the semi-finals.

Both team managers were taken to a room in Guernsey’s Beau Sejour leisure centre. Menorca was heads, Jersey was tails as a a coin was tossed and the Balearic island won. Jersey’s manager, Chad Morris, says he is frustrated and the team is devastated.


Man spends first day after four months in intensive care at Island Games.

A man who spent four months in intensive care after a car accident has made his first appearance at the Island Games. Peter Bougourd was involved in a car accident in January 2023 and was airlifted to hospital in the UK. He was transferred to Jersey in March 2023 and has been in intensive care ever since.

Peter, who is now in a stable condition, was able to attend the Island Games with his family and friends. He was given a warm welcome by the crowd, and he was able to watch some of the sporting events.

The man’s appearance at the Island Games is a heartwarming story, and it is a testament to his strength and determination. It is also a reminder of the importance of road safety.

The man’s family has said that they are “overwhelmed” by the support they have received from the community. They have said that they are “so grateful” to the doctors and nurses who have cared for their son, and they are “proud” of his progress.


Jersey have 10 gold, 11 silver and 10 bronze medals after two days of competition at the 2023 Island Games.

Jersey are currently second in the medals table at the 2023 Island Games, with 10 gold, 11 silver and 10 bronze medals. The island’s most successful athletes so far have been cyclist Chloe Jones, who has won three gold medals, and swimmer Ben Le Page, who has won two gold medals.

Jersey have had a strong start to the Island Games, and they are hoping to challenge for the top spot on the medals table. They have a number of talented athletes competing in a variety of sports, and they will be looking to build on their early success.

The Jersey team’s success is a testament to the hard work and dedication of the athletes and their coaches. It is also a reflection of the support of the Jersey community, which has come out in force to cheer on the team.

The Jersey team is hoping to continue their success in the days to come, and they are confident that they can finish on the podium in the medals table.


Replica of 17th century Spanish galleon to visit Jersey next week

A full-sized replica of a 17th century Spanish galleon is to visit Jersey next week – and Islanders and tourists will get the chance to step on board. El Galeón – a 50-metre-long, six-decked floating museum featuring exhibits and displays – will be berthed on the Albert Pier between Tuesday and Sunday.

The ship’s crew will also be available to explain more about the vessel and the history behind the Spanish fleet, which was mainly used between the 16th and 18th centuries to ply many of the world’s trade routes

Ports of Jersey will hold a small Spanish food festival featuring paella, tapas, churros, Spanish beer and sangria between noon and 8pm, from Friday 21 July to 23 July, on the Albert Pier. There will also be live music between 5pm and 8pm.


Islanders are being warned about the rising risk of viruses spread by mosquitoes.

Islanders are being warned about the rising risk of viruses spread by mosquitoes. The Jersey Medical Centre has reported a number of cases of mosquito-borne diseases in recent weeks, including dengue fever and chikungunya.

The mosquitoes that carry these diseases are becoming more common in Jersey, and they are more likely to bite during the summer months. Islanders are being advised to take precautions to protect themselves from mosquito bites, such as using insect repellent and wearing long sleeves and pants.

The Jersey Medical Centre is also urging people to be aware of the symptoms of mosquito-borne diseases, such as fever, headache, muscle pain, and rash. If you think you may have been bitten by a mosquito and are experiencing any of these symptoms, you should see a doctor immediately.

The Jersey government is taking steps to reduce the mosquito population, but it is important for individuals to take steps to protect themselves as well. By following these simple precautions, you can help to keep yourself and your family safe from mosquito-borne diseases.


Jersey teaching unions threaten co-ordinated strike action

Two teaching unions have warned they could launch co-ordinated strike action in the new school year if the long-running pay dispute is not resolved.

Last week hundreds of members of the NEU walked out for one day and staged a protest in the Royal Square after talks with the States Employment Board collapsed.

Now the NASUWT, whose members are currently ‘working to rule’, has said it is poised to escalate its action unless its demands are met.

The unions have both rejected a 7.9% pay deal and called for a 15.4% pay rise to address what they say has been a real-terms pay cut over the last 15 years.

Marina Mauger, a representative of the NASUWT, said: ‘We have said no to arbitration and have asked the SEB to consider more negotiations or further mediation.