*UKHotViewsExtra* Share Indices for January 20

Harold MacMillan when asked what he feared most, replied ‘Events dear boy. Events’ Except all the best books of quotations say he never uttered those words! None the less, it is a good way of summing up an unexpectedly turbulent start to 2020.

‘Getting BREXIT done’ (or have we?) on 31^st Jan and Trump’s impeachment (or will he be?) were well trailed. But no one expected a global pandemic like Coronavirus The implications for the global economy are pretty significant. China is both a huge market and the manufacturing base for much of the tech that the world consumes. The real effects of this on the stocks that we track were only starting to appear in the last few days of January. Indeed NASDAQ was still up a pretty impressive 2.8% in Jan. The FTSE100 was, however, down 3.4% - more reflecting the strengthening of the £, as the BoE decided not to reduce interest rates, than Coronavirus.

The biggest faller amongst the UK tech indices was the near 15% decline in the FTSE Fixed Line Index. The FTSE SCS Index fell just 1.3%. Putting that into context, it is still up 20% yoy.

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Posted by Richard Holway at '22:07'