Weekly Client update – 30th June 2023

Market Overview

The S&P 500 index fell 0.9% this week, while the Dow Jones Industrial Average lost 0.8% and the Nasdaq Composite Index declined 0.7%. The declines were driven by concerns about a potential recession, as well as hawkish comments from Federal Reserve Chair Jerome Powell.

European stocks also fell this week, with the pan-European Stoxx 600 index losing 1.6%. The declines were led by a sell-off in technology stocks, as well as concerns about the war in Ukraine and the global economic outlook.

Chinese stocks retreated after a holiday-shortened week, with the Shanghai Composite Index falling 2.3% and the Hang Seng Index in Hong Kong declining 5.7%. The declines were driven by concerns about the country’s economic recovery and a lack of stimulus measures from the government.

Emerging market stocks also fell this week, with the MSCI Emerging Markets index losing 2.2%. The declines were led by a sell-off in Turkish stocks, as well as concerns about the global economic outlook and rising interest rates.

The U.S. dollar rose against most major currencies this week, as investors sought safety in the greenback amid concerns about a potential recession. The euro fell 1.1% against the dollar, while the Japanese yen lost 1.4%

Commodity prices rose this week, with oil prices up 3.5% and gold prices up 1.5%. The gains were driven by concerns about the global economic outlook and the war in Ukraine.

Overall, global markets were mostly down this week, as investors continued to worry about a potential recession and the global economic outlook. However, there were some signs of resilience in the markets, as some sectors, such as energy and commodities, continued to perform well.


EasyJet to start flying between Jersey and Birmingham

EasyJet, the low-cost airline, has announced plans to fly between Jersey and Birmingham from 1 April 2024. This will be the first time that EasyJet has flown to Jersey. The airline will operate two flights a day between the two cities, using its A320 aircraft. The flights will be welcomed by businesses and tourists alike, as they will provide a much-needed link between the two islands.

EasyJet is one of the largest airlines in Europe, with a fleet of over 300 aircraft. The airline operates flights to over 1,000 destinations in Europe, Africa, and the Middle East. The decision to fly to Jersey is a sign of the airline’s confidence in the island’s tourism industry.

The flights will be operated from EasyJet’s Birmingham Airport hub. Birmingham Airport is the second busiest airport in the UK, with over 10 million passengers passing through it each year. The airport is well-connected to other parts of the UK and Europe, making it a convenient gateway for passengers traveling to Jersey.

The flights will be a welcome addition to the Jersey tourism market. Jersey is a popular tourist destination, with over 600,000 visitors each year. The flights will make it easier for people from Birmingham and other parts of the UK to visit Jersey, and they are expected to boost the island’s economy.


Jersey Hemp closes after ‘ironic’ Home Office decision

Jersey Hemp, the island’s only licensed hemp producer, has been forced to close after the Home Office ruled that it could no longer export its products. The company said the decision was “ironic” given that the UK government is currently promoting the use of hemp.

Hemp is a versatile plant that can be used for a variety of products, including food, clothing, and building materials. It is also a source of CBD, a compound that has been shown to have a variety of health benefits.

The Home Office’s decision to ban the export of hemp products from Jersey has been met with dismay by the local business community. The Jersey Chamber of Commerce said the decision would damage Jersey’s reputation as a hub for innovation.

The Home Office has said that the decision was made on the grounds of public safety. However, the company has said that its products are safe and that they have been tested by independent laboratories.

The company is currently considering its legal options. It is possible that the company could challenge the Home Office’s decision in court.


Family rescued from Les Ecrehous after carbon monoxide scare

A family of four had to be rescued from the Les Ecrehous reef after they suffered a carbon monoxide scare. The family were on a boat when they began to feel unwell. They were taken to hospital but did not suffer any serious injuries.

The boat was towed back to shore by the Jersey Coastguard. The cause of the carbon monoxide leak is still being investigated.

Les Ecrehous is a group of small islands and reefs located off the coast of Jersey. The islands are popular with tourists and boaters. However, the area can be dangerous, as the reefs are hidden below the water.

The family who were rescued were from the UK. They were on a day trip to Les Ecrehous when they suffered the carbon monoxide scare.

The Jersey Coastguard said that the family were lucky to be rescued. The Coastguard said that carbon monoxide poisoning can be fatal.


Plans submitted for St Ouen Chapel skate space

Plans have been submitted to build a skate space at St Ouen Chapel. The space would be used by skateboarders, BMXers and scooter riders. The plans have been met with some opposition from local residents who are concerned about noise and anti-social behavior.

The developers have said that they will take steps to mitigate these concerns, such as installing noise barriers and providing security guards. The plans are currently being considered by the Jersey Planning and Environment Committee.

St Ouen Chapel is a popular tourist destination. The chapel is located in a scenic spot on the coast of Jersey. The area is also popular with skateboarders and other extreme sports enthusiasts.

The developers of the skate space say that it will provide a safe and legal place for people to skate. They say that the skate space will also help to attract tourists to the area.

The local residents who have objected to the plans say that they are concerned about the noise and anti-social behavior that could be associated with the skate space. They also say that the skate space would spoil the natural beauty of the area.


Whistleblowing law called for

A group of politicians have called for a whistleblowing law to be introduced in Jersey. The law would protect people who raise concerns about wrongdoing in the workplace. The group said that such a law is essential to ensure that public bodies are held to account.

Currently, there is no legal protection for whistleblowers in Jersey. This means that people who raise concerns about wrongdoing can face retaliation from their employers or colleagues. The group of politicians is calling on the government to introduce a law that would protect whistleblowers from this kind of retaliation.

The group of politicians is led by Deputy Carina Alves. Alves said that she was inspired to call for a whistleblowing law after hearing about the case of a nurse who was sacked after raising concerns about patient safety. Alves said that the nurse was “blacklisted” by other hospitals after she was sacked, and that she had to leave the island to find work.

Alves said that she believes that a whistleblowing law would encourage more people to come forward with concerns about wrongdoing. She said that the law would also help to protect whistleblowers from retaliation.

The government has said that it is considering introducing a whistleblowing law. However, the government has not said when the law would be introduced, or what it would look like.

The group of politicians is calling on the government to introduce a whistleblowing law as soon as possible. They say that the law is essential to protect whistleblowers and to ensure that public bodies are held to account.