Kelso goes fishing
Manage episode 386549543 series 3525017
Kelso goes fishing
Macro & Overnight
Indications of the Fed pivot strengthened overnight as the DXY dollar index weakened, Treasury yields fell, and gold pushed to its highest level since May, only a tad below its all-time high.
Global bond markets, up 4.9% in November, are on course for their best month since December 2008, as measured by the Bloomberg Global Bond Index.
Pivot watchers will now focus on Fed Chair Powell’s speech this Friday. However, markets must absorb US GDP data later today and core PCE inflation data on Friday morning.
UK Company News
The payments and FX provider, Equals, remains in discussions with potential PE buyer Madison Dearborn.
Harbour Energy updated that it continues to focus on asset development outside the UK. It is also evaluating several material M&A opportunities, saying that recent large oil industry transactions indicate that M&A conditions are improving.
Kelso, the small-cap investment company, has declared a 3% interest in fishing retailer Angling Direct, adding to its collection of listed retailers THG and The Works.
Kelso’s model of highlighting undervalued UK-listed small-cap stocks is interesting, and it says that it will talk about its Angling Direct investment thesis at the Mello event tomorrow. At last year’s event, Kelso highlighted the case for THG, formerly The Hut Group.
Inkjet print head supplier Xaar updated that although profits are ahead of board expectations, conditions have become more challenging in H2, and management is guiding to lower revenue and profit levels for 2024. Note here.
Prognosticator
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