Weekly Client update – 18th August 2023

Markets Overview

US markets: The US stock market ended the week mixed, with the S&P 500 and Nasdaq Composite Index closing slightly higher, while the Dow Jones Industrial Average closed lower. The gains were driven by positive earnings reports from some major companies, such as Apple and Microsoft. However, concerns about rising inflation and interest rates weighed on the market.

European markets: European stock markets ended the week lower, with the pan-European STOXX Europe 600 Index down more than 2%. The losses were driven by concerns about the global economic outlook, as well as some disappointing earnings reports from European companies.

Asian markets: Asian stock markets ended the week mixed, with the Nikkei 225 Index in Japan closing higher, while the Hang Seng Index in Hong Kong closed lower. The gains in Japan were driven by a weaker yen, which boosted the value of Japanese exports. However, concerns about the Chinese economy weighed on the market in Hong Kong.

Emerging markets: Emerging market stock markets ended the week lower, with the MSCI Emerging Markets Index down more than 1%. The losses were driven by concerns about the global economic outlook, as well as rising interest rates in the United States.

Overall, the global markets were volatile this week, with investors weighing the positive news on earnings against the negative news on inflation and interest rates. It remains to be seen whether the markets will be able to sustain their gains in the coming weeks, or if they will succumb to the negative sentiment that has been building in recent months.

Three Arrests in Pier Road Explosion Investigation

Three men have been arrested on suspicion of gross negligence manslaughter in connection with the Pier Road explosion which led to the deaths of 10 islanders.

The arrests of these men took place between Wednesday 16 and Thursday 17 August.

The explosion on 10 December caused the complete collapse of the Haut du Mont Flats, managed by Andium Homes. Tragically, this incident claimed the lives of 10 islanders and resulted in the displacement of dozens of residents living in the area.

Authorities have stated that the arrested men have been questioned by the Police and subsequently released on bail, while the investigation, which also involves the Health and Safety Inspectorate, remains ongoing. The families of those who lost their lives in this tragedy have also been contacted.

Special honour for officers who saved lives in stabbing attacks

Two police officers, who were called to two significant stabbing incidents within a month of each other, have been honored with the highest accolade their superior can bestow.

Chief Officer Robin Smith lauded the rapid response of PC James Elliott and PC Elliot Brown in both instances, a response that he stated played a pivotal role in safeguarding the victims’ lives. In recognition of their exceptional actions, he presented them with a special commendation.

They were the first to arrive at the scene of the stabbing episode at Temple Bar in December 2021 and at Le Geyt Estate in January 2022.

In the initial incident, the duo arrived within three minutes of the 999 call and promptly initiated CPR. The victim had sustained a knife wound to the abdomen in a “retaliatory” assault, a consequence of a dispute with fellow pub attendee Paul Hadikin.

The subsequent case revolved around an attempted murder, where a teenager faced 23 knife wounds and was left with a blade protruding from his back after being ambushed by other youths allegedly due to an unsettled drug debt.

In both occurrences, the officers attended to the victims prior to the arrival of paramedics and were duly acknowledged for their life-saving efforts.

Jersey Lioness heads down under

A young Jersey football enthusiast has been granted the opportunity to witness the grandeur of international football and immerse herself in the “electric thrill” during her journey to Australia for the Women’s World Cup. Now, she holds onto the hope that the championship will eventually return home for the final showdown.

Auden Ruelle, a 15-year-old student at JCG, not only has an ardent passion for football but also actively participates in the sport herself. This summer, she embarked on a journey to the southern hemisphere to partake in the premier event of women’s football.

Having attended four matches, including two featuring the Lionesses, Auden was even present in the stadium to witness England’s exhilarating 3-1 triumph over the host nation Australia in the semi-finals.

Accompanied by her mother Helen, she explored Adelaide, Cairns, Melbourne, and Sydney. Her journey culminates as she returns to Sydney for the ultimate clash between England and Spain in the final on Sunday.

As the weeks unfolded, Auden humorously noted, “We’ve come to realize that there are certainly fewer England fans here compared to the passionate Australian supporters.”

Pubs able to open early for Lionesses

Pubs and bars eager to broadcast the FIFA Women’s World Cup Final this weekend have been granted approval to commence operations – along with alcohol service – at an earlier hour.

Establishments possessing licenses to showcase the England v Spain showdown on Sunday will be permitted to open their doors from 10 am, a departure from the usual 11:00 start time. This adjustment aims to ensure that patrons can settle in comfortably before the event begins, as confirmed by the decision of the Bailiff.

In addition, these venues will also be authorized to serve alcoholic beverages starting from 10:30.

Bailiff Sir Timothy Le Cocq conveyed that this exemption is in recognition of the recent achievements of the Lionesses and “the profound significance of this accomplishment both on a national and international scale”.

Teens Arrested for Dangerous Driving After Hill Crash

Two 17-year-olds have been arrested on suspicion of dangerous driving after an incident last night, in which a car crashed through railings and onto the road below.

According to the police, the crash happened at the junction of St. John’s Road and Roussel Street around 9:20 PM last night.

“A silver Ford Fiesta was traveling down St. John’s Road and collided with a lamp post and roadside barrier. It eventually came to a stop over the barrier on Roussel Street below. Minor injuries were treated by ambulance personnel,” reported the Police Force.

The authorities also mentioned that both teenagers were apprehended. One of them is believed to have been driving the silver Ford Fiesta involved in the crash, while the other was in a black car of the same make and model, following behind.

Both individuals have been released on bail as investigations are ongoing.

Advisa Macmillan Golf Day Video

The annual event, which was held at La Moye Golf Club on Friday, 14 July, attracted 26 teams (104 players) who competed for the coveted prizes.

The team event was won by the FCM with a total of 92 points.

The charity lunch was preceded by speeches from Macmillan Jersey CEO, Steph Gibaut and Director of Governance Scott Le Fleur. The lunch was followed by prize giving and a charity raffle and Auction.

Trevor Griggs, Director of Advisa Wealth, said this event is the flagship of our ‘Supporting the Community’ programme and we are thrilled to beat last year’s figure and raise much needed funds for Macmillan Jersey.
Macmillan Chief Executive, Steph Gibaut said “Regrettably, statistics show that one out of every two individuals will receive the devastating news ‘you have cancer.’ As a result, it is vital to maintain the continuity of our services. The fact that we have received over £35,000 from this event is truly remarkable, and we cannot express our gratitude enough,” she stated. “I extend my heartfelt appreciation to the Advisa Wealth team for hosting this event and to all the participants who generously contributed to such an incredible sum of money for our charity.”

The funds raised will be used to continue providing Emotional, Practical and Wellbeing services to anyone in Jersey affected by cancer.’

Hear from Trevor, Steph and Scott in the video below: