Weekly Markets Update

Markets Update 01-08-2022

Markets last week

The US fell into what is popularly known as a ‘technical recession’ (two consecutive down quarters) after Q2 (quarter two) GDP growth was negative at -0.9% following an also negative Q1 (quarter one) at -1.6%. It is of course not what people understand when they speak about a recession, since US unemployment is still near all-time lows, but it shows that growth this year will be hard to come by, in the US or elsewhere. Indeed, surveys in most countries last week showed a downward path. Many economic statistics were markedly weaker, whether consumer confidence, retail sales, home sales, housing starts or mortgage approvals. With the exception of a bullish surprise on eurozone growth for Q2 (mostly driven by tourism in southern Europe), only employment data continues to be strong everywhere (US, Europe, Japan), highlighting that the world’s central banks have a difficult road ahead in trying to stamp out inflation.

Indeed, the most important central bank, the US Federal Reserve (Fed), announced another 75 bp hike, taking Fed funds rates to 2.25%-2.50%. Interest rate markets are now pricing in a more benign hiking cycle than the Fed’s own forecasts in June (which were not updated last week). Investors are betting that Fed funds rates will peak around 3.3% this year before the Fed starts cutting modestly in 2023, whereas the Fed in June projected rates at 3.4% at year-end rising to 3.8% in December 2023. Indeed, the US 10-year treasury bond yield has fallen 0.8% from its peak a month-and-a-half ago in the expectation of a change in Fed policy.

Corporate earnings announcements have moved more than each company’s shares, as market participants have extrapolated the macro-economic background from their comments. In the US, downward earnings guidance from Walmart led the market to downgrade discretionary spending sectors in favour of consumer staples. On the other hand, global giants Apple and Amazon boosted the tech sector with their profit reports. The earnings season has also shown companies in the US, Europe and Japan with reduced profit growth. Interestingly, top-line revenue growth in the US, at about 9% year-on-year, is roughly in line with inflation. In Europe, at 12%, it is beating price rises, but in Japan at 9% with 2% inflation, companies have been delivering better real growth.

July had the best US equity returns since November 2020, when COVID-19 vaccines were announced. US shares are now more than 12% above their 16 June low. Bond markets also had the best month in over a year.

At the end of the week, government bond yields fell by 10-20 bps, with eurozone yields dropping the most. The US yield curve remains inverted, with the two-year yield 23 bps above the 10-year yield, still pointing to a recession or slowdown. Equities did well but with significant differences by market. US shares led and Asian markets lagged. The strongest sectors for the week were energy, utilities, materials, industrials and technology, with healthcare moving the least. The US dollar corrected, with the Japanese yen and sterling bouncing back from their weak streak. Oil prices rebounded and copper was very strong. Gold prices recovered from the US$1,700 level.


The week ahead

Monday: ISM manufacturing PMI

Our thoughts: it is now clear that growth is slowing in most countries. The US, as usual, has a greater impact on the rest of the world and on markets, so the extent of the downturn in the US has to be analysed. The ISM (Institute for Supply Management) publishes the manufacturing PMI on Monday and the services PMI on Wednesday. Both will matter to investors, but the manufacturing PMI is more instructive since many parts of the manufacturing sector derive their growth from one another in a way that services businesses don’t. The manufacturing index is expected to fall somewhat, but the details are important: new orders, employment, prices paid, inventories and backlog. Where the slowdown is coming from will have an impact on different markets.

Thursday: Bank of England Monetary Policy Committee

Our thoughts: the MPC (Monetary Policy Committee) of the Bank of England (BoE) is meeting again this week and is widely expected to take a bolder step in raising rates, hiking 50 bps to 1.75%. Unlike the US Federal Reserve (Fed), the MPC does not provide as much of a running commentary on its decision process and particularly future rate moves, but the number of MPC members who vote for or against the hike, will be a signal of the possible direction ahead. The BoE’s forecasts should also be revised and it will be interesting to note whether double-digit inflation projections will be maintained or even raised. Against the political backdrop with major discussions on whether one policy or another will lead to a recession or more inflation, the BoE’s growth forecast will be scrutinised carefully.

Friday: US employment data for July

Our thoughts: once again, can the US jobs market keep defying gravity as the economy slows down? New job creation should be affected by higher interest rates and the weaker economy, but employment is a lagging indicator and there are still many more job openings than jobseekers, so denting the jobs market is a tall order for the Fed. The last non-farm payrolls added 372K new jobs, a level which, if continued, would render the Fed’s inflation fight void, so the question is by how much will payrolls reduce? The sectors where jobs are created will also matter (services or manufacturing), while the labour force participation rate (are more workers coming out of inactivity?) and the average hourly earnings will be important for markets.


Markets for the week

In local currency

In sterling

Index Last weekYTDLast weekYTD
UK
FTSE 1002.0%0.5%2.0%0.5%
FTSE 2501.7%-14.1%1.7%-14.1%
FTSE All-Share2.0%-2.4%2.0%-2.4%
US
US Equities4.3%-13.3%3.0%-3.6%
Europe
European equities3.1%-13.7%1.5%-14.1%
Asia
Japanese equities-0.8%-2.6%0.0%-6.7%
Hong Kong equities-2.2%-13.9%-3.4%-4.8%
Emerging Markets
Emerging market equities0.3%-19.3%-0.9%-10.3%
Government bond yields
(yield change in basis points)
Current level Last Week YTD
10-year Gilts1.86%-889
10-year US Treasury2.65%-10114
10-year German Bund0.82%-2199
CurrenciesCurrent level Last Week YTD
Sterling/USD1.21711.4%-10.1%
Sterling/Euro1.19141.4%0.2%
Euro/USD1.0220.1%-10.1%
Japanese yen/USD133.272.1%-13.6%
Commodities (in USD)Current level Last Week YTD
Brent oil (bbl)110.016.6%41.4%
WTI oil (bbl)98.624.1%31.1%
Copper (metric tonne)7917.56.2%-18.5%
Gold (oz)1765.942.2%-3.5%



Sources: FTSE, Canaccord Genuity Wealth Management

Central banks/fiscal policy

Fed communications interpreted by markets as signifying a future softening of the tightening policy

A momentous Fed meeting last week drove markets to assume a future softening of monetary policy, although it is hard to read this interpretation into the statement made by Fed Chair Jay Powell. The Fed hiked rates by 75 bps to a range of 2.25% to 2.5% and said they anticipate ‘ongoing increases’. Powell said the Fed will press on with tightening with more flexibility on coming moves amid signs of a broadening economic slowdown. He did not provide the specific guidance he gave at the June meeting, though he didn’t rule out another large move.

“While another unusually large increase could be appropriate at our next meeting, that is a decision that will depend on the data,” Powell said. “The labour market is extremely tight, and inflation is much too high. We do see that there are two-sided risks. There would be the risk of doing too much and imposing more of a downturn on the economy than was necessary, but the risk of doing too little and leaving the economy with this entrenched inflation – it only raises the cost.”

On Friday, Atlanta Fed President Raphael Bostic said that the US was not in a recession and that the Fed needed to address the high levels of inflation. “I’m convinced we are going to have to do more in terms of interest-rate moves. We are going to get a lot of data in the next two months before our next meeting and that will give us a good indication of what the right course of action is likely to be.”

The US$280bn Chips and Science Act was passed by Congress, providing support for the US semi-conductor industry.


United States

Second negative quarter for growth, weakening surveys, falling housing market but steady employment

Surveys: US surveys are still weakening. The Chicago Fed National Activity Index was revised down for May and remained at the same level in June (-0.19). The Dallas Fed Manufacturing Activity index fell from -17.7 to -22.6.

The Conference Board consumer confidence survey dropped again, from 98.4 to 95.7, a low since early 2021, whereas the Richmond Fed manufacturing index unexpectedly rose from -11 to 0. The Kansas City Fed Manufacturing Activity index edged up from 12 to 13, against expectations of a fall.

The MNI (Market News International) Chicago PMI (also known as Chicago business barometer) slumped from 56.0 to 52.1, below estimates.

Housing: clearly slowing down. New home sales slumped 8.1% in June and MBA mortgage applications fell 1.8% last week. Mortgage applications have now dropped 25% year to date. The Case Shiller house price index for May eased to 19.75% year-on-year gain vs. 20.64% whereas the Federal Housing Finance Agency house price index was up 1.4% in May.

Industry: durable goods orders rose 1.9% in June, but only 0.3% ex transportation, wholesale inventories rose 1.9% and retail inventories 2%.

Growth: Q2 GDP was negative, -0.9% (annualised), after a negative Q1 at -1.6%, although the drop was driven by weak residential investment and a correction in inventories whilst personal consumption rose 1.0% and the trade deficit shrank.

Employment: initial jobless claims remained within the same zone, at 256K, vs. 261K the previous week, revised up from 251K. Continuing claims corrected somewhat from the previous week’s surge at 1359K vs. 1384K.

Inflation: the all-important employment cost index for Q2 rose 1.3%, vs. 1.4% the previous quarter. The GDP price index rose 8.7% (annualised) during the quarter, up from 8.2%, although the core PCE (personal consumption expenditures) for the quarter fell from 5.2% to 4.4%.

The PCE (personal consumption expenditures) deflator for June rose from 8.3% to 8.8% (annualised) with the PCE core deflator also up from 4.7% to 4.8%.

Consumer: personal income in June increased 0.6%, as in the prior month, and personal spending surged 1.1%, up from 0.3%.


United Kingdom

Weaker surveys throughout

Surveys: the CBI Trends series was generally worse, with total orders down from 18 to 8, selling prices down from 58 to 48 but business optimism up from -34 to -21.

The CBI distribution surveys were weak. Total distribution reported sales fell from +1 to -12 whereas retailing reported sales edged up from -5 to -4.

The Lloyds business barometer fell from 28 to 25.

Inflation: the BRC shop price index rose from 3.1% to 4.4% in July.

Credit: net consumer credit grew from £0.9bn to £1.8bn in June with net lending secured on dwellings falling from £8.0bn to £5.3bn and mortgage approvals a little lighter at 63.7K vs. 65.7K.

Money supply: M4 money supply fell 0.3% in June taking the year-on-year growth from 5.1% to 4.1%.


Europe

Surging inflation, falling surveys contrast with surprisingly strong Q2 growth

Surveys: the German IFO (Institut für Wirtschaftsforschung) business confidence survey deteriorated to the worst level since the early months of the pandemic. The expectations fell to 80.3 from 85.8. The index of current conditions also dropped from 99.3 to 97.7 and business climate fell from 92.3 to 88.6. The IFO President said that Germany is on the brink of a recession with high energy prices and the threat of gas shortages weighing on the economy. French consumer confidence fell from 82 to 80.

Eurozone economic confidence slumped from 103.5, revised down from 104.0, to 99.0, the lowest level since the worst of the COVID-19 pandemic. Industrial confidence fell from 7.0 to 3.5, services confidence from 14.1 to 10.5 whilst consumer confidence remained at a low -27.

Money supply: remained steady, with M3 at 5.7% year-on-year in June, vs. 5.8% previously.

Inflation: French PPI (producer price index) was almost unchanged at a high 27.0%. The eurozone CPI (consumer price index) for July surged further to 8.9% from 8.6% with the core CPI also higher at 4.0% vs. 3.7%.

Growth: GDP for Q2 in the eurozone surprised on the upside by growing 0.7% (4.0% annualised) vs. 0.5% the previous quarter. The bullish surprise came mostly from Spain, Italy and France and was particularly driven by high tourist receipts.

Employment: German unemployment in July increased by 48K, more than estimates but down from 132K the prior month. The unemployment claims rate edged up from 5.3% to 5.4%.


China/India/Japan/Asia

Japan slowing down whilst Chinese manufacturing slumps

China: industrial profits rose 0.8% year-on-year in June, up from -6.5% the previous month. The official China Federation of Logistics and Purchasing manufacturing purchasing managers index (PMI) fell below 50, indicating contraction, down from 50.2 to 49.0, the official non-manufacturing PMI also fell from 54.7 to 53.8 and the unofficial Caixin manufacturing PMI was less bearish, down to 50.4 from 51.7.

Foreign direct investment was almost unchanged, up 17.4% in June year-on-year.

Japan: the PPI for services stood at 2.0% in June, vs. 1.9% in May, once again highlighting how little inflation there is in Japan. The consumer confidence index fell from 32.1 to 30.2. Housing starts in June fell 2.2% year-on-year. The jobless rate stayed at 2.6% but the job-to-applicant ratio rose from 1.24 to 1.27. Retail sales fell 1.4% in June whereas industrial production surged 8.9%, following a heavily negative month. Vehicle sales were less depressed, down 13.4% year-on-year in July, vs.

-15.8% previously.


Oil/Commodities/Emerging Markets

Commodities bounce back

Russia is once again sharply reducing the flow of gas to Germany, with Nordstream cut to about 20% of its capacity, which boosted natural gas prices in Europe. A key shipping hub in the United Arab Emirates was disrupted by flooding, stopping shipments of crude. Oil prices were well supported, with Brent topping US$110/bbl again. Copper continued to rise and gold rebounded from the US$1,700 level.

What our clients say about us

Some of our clients shared their experience

I approached Brent in March 2012, to sort out my pension and portfolio. He has been very helpful since that time, coming to my house (at a time convenient to me) for quarterly reviews, which are both enjoyable and productive. Brent, and now as Horizon have not only managed to deliver my annual pension in a timely manner but have also managed to grow the pot that provides it consistently over time (even during these times of uncertain markets). I have recommended Horizon to my family and friends and will continue to do so.

Keith

Horizon took over the handling my private pension fund 4 years ago after years of my previous company mis-selling and badly advising me, which resulted in dire performance.
From the very first meeting, Horizon were honest and frank about where the problems were and what was needed to get the policy back on track, and true to their word, even in a very unpredictable and volatile environment, it has now made more in the short time I have been using them than in the entire time with my previous company...the figures don't lie. Additional to this, Horizon were also available, very communicative and professional at all times, which leads me to not hesitate in recommending them to anyone.

Paul

Horizon Associates have served me well as my investment advisor since 2012. Brent has a good awareness of the current market conditions and the fit to my retirement goals. His ideas are well founded and he has been very attentive to my needs. Good communication is consistent even though we are now very distant geographically. I highly recommend Horizon-Associates.

Philip & Pam

Horizon has given us financial advice and managed our portfolio for many years. Through the financial crisis and the pandemic and we have great returns from our investments as well as avoiding the Laiki losses etc. Always efficient and easy to work with.

George

When your investment portfolio is handled by experts, and year after year produces positive results, you know you are with a professional company. Throughout challenging times Horizon Associates has consistently kept me well informed, offering expert advice and guidance.
Their expertise and up to date knowledge have always ensured that my investment has been steered through the correct funds, to achieve the maximum results.
Horizon is always informative, courteous and proficient. I highly recommend them.

Maria

Horizon have managed my investments for the past 9 years and have always given me the best advise and kept me up to date with my investments.
Not only do I consider the company to be great, I class my adviser as a true friend with my best interest at heart.

Helen

"Being an actuary, I always thought I was doing the right thing with my pension, but then I came across Brent and found out that for years I wasn't getting the best deal possible! It's indeed a tough job to build your pension funds successfully and a lot of people don't know where to turn. Brent and Horizon have been a great help for me making it extremely easy to invest in my future with their professional approach and tools. I have now been invested for 7 years with Horizon and Brent has helped me set up my UK pension plan in the best way possible. He is really an amazing person to work with and I feel secure knowing that he and Horizon are my financial partners!”

Avraam

When I arrived on Cyprus for my retirement, I had quite a lot of money from selling a house and, as yet undrawn pensions. I needed a Financial Adviser to set me up for retirement income. I used several firms over a period of five or six years without a satisfactory result or good working relationship. In fact, I quickly found out that I was more interested in me than they were and that I began to know more than they did. My problem was how I separated myself from these “Commission Chasers” and find someone who I could trust and who knew what they were doing. Thus far Horizon have demonstrated a command of all that was missing before, over at least a ten year period. I have to confess to myself that I wish I had started here and avoided an expensive “Learning Experience”. It is actually fun to work together to get the desired result and to recommend Horizon to others who have been through my “Learning Curve.

Philip

Brent has looked after my investment plans for the past 9 years. His advice has always been up to date, and he has consistently provided me suggestions to swap funds according to the prevailing markets. Brent listens to my opinions regarding investment priorities, but I tend to follow his experienced lead when it comes to fund reallocations. He is always professional and genuinely takes into consideration my requests regarding risk profiles and investment funding.

Martin

We have been dealing with Brent for almost a decade.
He has proven repeatedly that he keeps his ear to the ground, having advised and guided us through terrible times and thus saved our hides.
Over and above this, he is always efficient and prompt, polite and professional.
We would readily recommend Brent with the greatest confidence.

Irene

Horizon have managed our investment portfolio for the past 8 years, through some challenging economic changes. Their advice has always been first class and consistently provided us with a balanced and educated analysis of prevailing markets. Equally, Horizon take on board our opinions regarding investment priorities and go out of their way to understand our changing circumstances. Always courteous, always professional. A good friend.

Joan & Ian

Horizon Associates Ltd & BM Horizon Associates Ltd Privacy Policy

Horizon Associates Limited (Seychelles) & BM Horizon Associates Limited (Cyprus) are both privately owned companies who share the same shareholders. Both referred to as Horizon Associates for the purpose of this policy. The Horizon Associates website provides information for European based residents which is non-regulated and for non-European residents which is regulated. For Non-EU business, Horizon Associates offer Investment Advice and Insurance Brokerage services to applicable jurisdictions via Financial Services Network Ltd, regulated by the Mauritius Financial Services Commission License No. C116016070. www.fsn-ltd.com. Horizon Associates partnership and data sharing agreement with Financial Services Network Ltd ensures any Non-EU personal data sharing is protected via third party data sharing agreements containing European Commission approved Standard Contractual Clauses.

 

Risk Warning: Any investment in financial instruments entails substantial risks, the degree of which depends on the nature of each investment, and may not be suitable for all investors. The value of any investment may increase or decrease in value and investors may lose all their invested capital.

 

This privacy policy will explain how our organisations use the personal data we collect from you when you use our website or become a Horizon Associates client. 

 

What data do we collect?

Horizon Associates shall collect and process personal information necessary to fulfil legal and regulatory requirements for the provision of Horizon Associates services and to improve our services to you. Horizon Associates gathers personally, identifiable information that may be used, either alone or in combination with other information, to personally identify, contact or locate you and may in certain circumstances, share information with third parties which will help Horizon Associates to construct a profile based on your requirements and preferences to provide our services effectively.

 

Such information shall include: 

  • Information about you that you give us by filling our client forms/agreements, or by corresponding with us by phone, e-mail, in person or otherwise. It includes information you provide when you choose to use our services, participate in any company event and when you send any information to us under any capacity. The information you give us may include your name, address, e-mail address and phone number, financial information, personal description and photograph.

 

  • Information we collect/receive from other sources about you if you use any of the services we provide and/or professionals we partner with. We are working closely with third parties including, for example, business partners, brokers, vendors, insurers, platforms, fund houses, trustees, search information providers, credit reference agencies. Such partnerships will be notified to you in the beginning or during the course of our relationship and the extent to which such partnerships are required to provide our services to you, such notification can be in the form of additional application forms of such partners or access to their website/platform and in such case shall be covered by GDPR in their own right as applicable.

In order for Horizon Associates to provide the most appropriate financial services and products to you Horizon Associates have data sharing agreements with the following companies, and your personal data may be shared securely with them:

API Global Ltd, SkyBound Wealth Management, Arkadia Bespoke Services, IP Global Ltd, Cypeir Properties Ltd, Moennez Holdings Limited, CPZ Property Limited, Vistra Group, UK Legal Wills.

 

 

As a client you are responsible for the true and accurate nature of the personal information you provide to Horizon Associates. Your personal information and/or data shall be checked when it is collected and at regular intervals thereafter, if any personal information is found to be inaccurate or out-of-date, all reasonable steps will be taken without delay to amend or erase that data, as appropriate. You are required to keep the company informed of any changes in personal information by emailing our Support Department at admin@horizon-associates.net.

Use of your Personal Data

Horizon Associates uses your personal information only as legitimate interest for the performance of our services to you, to improve our services, and enable us to inform you of any additional products, services or promotions relevant to you and in this respect. If you no longer wish to receive any promotional communication, you may opt-out of by contacting Horizon Associates via the Contact us page on the Company’s website or send an email to our Support Department at admin@horizon-associates.net.

 

Protection and Security of Personal Data

Horizon Associates does not sell, license or lease to anyone clients’ personal data, except as described in this Privacy. Horizon Associates has implemented appropriate measures to protect personal data from accidental loss, unauthorised or unlawful access or processing or destruction. Horizon Associates employs physical, electronic, and procedural safeguards to protect personal data and it does not store personal data for longer than is necessary for the provision of services or as permitted by the applicable regulations in accordance with Article 5 of GDPR – Principals relating to processing of personal data. We limit access to your personal data to those who have a genuine business need to access it. Those processing your information will do so only in an authorised manner and are subject to a duty of confidentiality.

The Personal Data we collect from you is stored locally at our servers and/or on cloud servers within the EU, Certain email communications and/or data transmitted to us over email and/or other means of electronic transfer of documents may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may also be processed by third parties operating outside the EEA which work for us, where any personal data is transferred outside of the EEA Horizon Associates have data sharing agreements in place which contain the necessary Standard Contractual Clauses to ensure the security of your personal data. By submitting your personal data, you agree to this transfer, storing or processing. We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this privacy policy and GDPR, especially in instances where data will be transferred to, and stored at, a destination outside the EEA.

Horizon Associates also informs you to maintain confidentiality and not share with others your usernames and private passwords (“credentials”) or as provided by Horizon Associates. You are responsible for keeping your credentials confidential. We ask you not to share your credentials with anyone.

The transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data when you transmit this to us; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.

We have also implemented procedures to deal with any suspected data security breach. We will notify you and any applicable regulator of a suspected data security breach where we are legally required to do so.

 

Disclosure of your Personal Data

You agree that we have the right to share your information with selected third parties we use to help deliver our products and/or services to you including:

  • business partners, brokers, vendors, insurers, platforms, fund houses, trustees, search information providers or any other third party required for the performance of any contract we enter into with them or you;

 

  • credit reference agencies and/or banking and financial institutions and/or auditors for, among others, the purpose of assessing your financial information (where this is a condition of us entering into a contract with you).

 

  • Law enforcement agencies and regulatory bodies such as Mauritius Financial Services Commission and/or the Police for the purposes of complying with local and international regulations against money-laundering, fraud and the general prevention of crime and illegal activities.

 

  • analytics and search engine providers that assist us in the improvement and optimisation of our site;

 

We will disclose your personal information to third parties:

 

  • In the event that this is necessary for the delivery of our products and/or services to you (for example by using appropriate and compliant IT systems that transmit financial information and/or orders and/or execute payment and/or other financial transactions);

 

  • If we are under a duty to disclose or share your personal data to comply with any legal and/or regulatory obligation, or to enforce or apply our terms of use and other agreements, or to protect the rights, property, or safety of us, our clients or others. This includes exchanging information with other companies and organisations for the purposes of fraud protection, anti-money laundering and credit risk reduction;

 

  • If we or substantially all of our assets are acquired by a third party, in which case personal data held by us about our clients will be one of the transferred assets. Should this happen you will be given the option to opt out of this data transfer;

 

We only allow the third parties we work with to process your personal information if we are satisfied, they take appropriate measures to protect your personal information. We also impose contractual obligations on our selected third parties to ensure they can only use your personal information to provide services to us and to you.

 

Your rights

Under Chapter 3 of the GDPR, you have the following rights, which we will always work to uphold:

 

  1. Access – The right to be provided with a copy of your personal data, together with information regarding the processing of your data.

 

  1. Rectification – The right to request rectification of any inaccurate or incomplete personal data we hold about you.

 

  1. To be forgotten – The right to request erasure of your personal information based on legitimate grounds and where there is no good reason for us to continue to process or archive it.

 

  1. Restriction of processing – The right to restrict the processing of your personal data, based on legitimate grounds or in the event that your contest the accuracy of the data, we no longer need to process or archive your data.

 

  1. Data portability – The right to receive the personal data you provided to us, in a structured, commonly used and machine readable format and/or transmit that data to another controller, where technically feasible.

 

  1. Objection – The right at any time to object to your personal information being processed for direct marketing (including profiling) or other automated individual decision-making.

 

  1. Withdrawal of Consent – The right to withdraw consent at any time where consent shall not affect the lawfulness of processing based on consent before its withdrawal. Prior to giving consent, the data subject shall be informed thereof.

 

  1. Complaint – The right to lodge a complaint regarding the processing of your personal data. Our details can be found in the General Information Section of this Policy. If you feel that your concerns have not been adequately addressed by us, you

 

  1. have the right to lodge a complaint with the Office of the Commissioner for Personal Data Protection in Nicosia, Cyprus. (http:// www.dataprotection.gov.cy)

The right to access the information held about you, under certain conditions, may be subject to a fee of €25 to meet our costs in providing you with details of the information we hold about you. We shall aim to comply with requests for access to personal information as quickly as possible and will ensure that we comply with legislation unless exceptions apply. In such cases, the reason for any delay will be explained in writing to the data subject making the request. In processing a request, the identity of the data subject will need to be verified before information will be released. No personal data will be disclosed to a third party without the written consent of the data subject.

We reserve the right to refuse repeated/vexatious requests.

Further information about your rights can also be obtained from the Office of the Commissioner for Personal Data Protection in Nicosia, Cyprus.

Use of “Cookies”

Cookies are small pieces of information which use a unique identification tag and are stored on your computer, mobile device or any other device as a result of using the Horizon Associates website or other services the Company provides. Cookies are used to assess and improve the performance of our website and its products and services offered. Cookies are normally accepted automatically, however, you can refuse to have cookies stored on your device or if available, change the settings of your browser to refuse all cookies, and/or have your device notify you each time a cookie is sent to your device.

 

For more information about cookies, you may refer to the Company’s “Cookie Policy” available on our website.

 

Privacy policies of other websites

The Horizon Associates website contains links to other websites. Our privacy policy applies only to our website, so if you click on a link to another website, you should read their privacy policy. 

 

Changes to our privacy policy

Horizon Associates keeps its privacy policy under regular review and places any updates on this web page. This privacy policy was last updated on 21st September 2021.

 

How to contact us

If you have any queries regarding this policy or the use of your personal data including making a request for access, please contact us via the Contact us page on the Company’s website or by email to our Support Department at info@horizon-associates.net or by telephone +357 25 312196 or by mail at 2 Aristoteli Zanatzia 4713 Limassol Cyprus.

 

How to contact the appropriate authority

Should you wish to report a complaint or if you feel that Horizon Associates has not addressed your concern in a satisfactory manner, you may contact the Office of the Commissioner for Personal Data Protection at commissioner@dataprotection.gov.cy.

 

Cookie Policy

This Cookie Policy explains what cookies are and how we use them, the types of cookies we use i.e, the information we collect using cookies and how that information is used, and how to control the cookie preferences. For further information on how we use, store, and keep your personal data secure, see our Privacy Policy.

 

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How do we use cookies ?

As most of the online services, our website uses first-party and third-party cookies for several purposes. First-party cookies are mostly necessary for the website to function the right way, and they do not collect any of your personally identifiable data.

 

The third-party cookies used on our website are mainly for understanding how the website performs, how you interact with our website, keeping our services secure, providing advertisements that are relevant to you, and all in all providing you with a better and improved user experience and help speed up your future interactions with our website.

What types of cookies do we use ?

Essential: Some cookies are essential for you to be able to experience the full functionality of our site. They allow us to maintain user sessions and prevent any security threats. They do not collect or store any personal information. For example, these cookies allow you to log-in to your account and add products to your basket, and checkout securely.

 

Statistics: These cookies store information like the number of visitors to the website, the number of unique visitors, which pages of the website have been visited, the source of the visit, etc. These data help us understand and analyze how well the website performs and where it needs improvement.

Marketing: Our website displays advertisements. These cookies are used to personalize the advertisements that we show to you so that they are meaningful to you. These cookies also help us keep track of the efficiency of these ad campaigns.
The information stored in these cookies may also be used by the third-party ad providers to show you ads on other websites on the browser as well.

Functional: TThese are the cookies that help certain non-essential functionalities on our website. These functionalities include embedding content like videos or sharing content of the website on social media platforms.

Preferences: These cookies help us store your settings and browsing preferences like language preferences so that you have a better and efficient experience on future visits to the website.

The below list details the cookies used in our website.

COOKIEDESCRIPTION
cookielawinfo-checkbox-analyticsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category “Analytics”.
cookielawinfo-checkbox-functionalThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category “Functional”.
cookielawinfo-checkbox-necessaryThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category “Necessary”.
cookielawinfo-checkbox-othersThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category “Other.
cookielawinfo-checkbox-performanceThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category “Performance”.
viewed_cookie_policyThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

 

How can I control the cookie preferences ?

Should you decide to change your preferences later through your browsing session, you can click on the “Privacy & Cookie Policy” tab on your screen. This will display the consent notice again enabling you to change your preferences or withdraw your consent entirely.

 

In addition to this, different browsers provide different methods to block and delete cookies used by websites. You can change the settings of your browser to block/delete the cookies. To find out more about how to manage and delete cookies, visit wikipedia.org, www.allaboutcookies.org.

Disclaimer

For Non-EU business, Horizon Associates Ltd offers Investment Advice and Insurance Brokerage services to applicable jurisdictions via Financial Services Network Ltd, regulated by the Mauritius Financial Services Commission License No. C116016070. www.fsn-ltd.com

Disclaimer: This Website is for information purposes only and should not be regarded as an invitation or inducement to engage in financial services, the information contained on this Website is not intended to be an offer to buy or sell securities.  We give no representation, warranty or guarantee as to the accuracy, correctness or completeness of such information or as to the tax or legal consequences of any related transaction.

Risk Warning: Any investment in financial instruments entails substantial risks, the degree of which depends on the nature of each investment, and may not be suitable for all investors. The value of any investment may increase or decrease in value and investors may lose all their invested capital.

FEES

If you have an existing product or portfolio and you would like Horizon to become your new advisor, a simple transfer of agency would accommodate this. Horizon would then provide portfolio management which would include quarterly reviews. Horizon charge 1% per annum per portfolio, deducted quarterly.

 

For more complicated arrangements & multiple product portfolios, a research, analysis and administration fee may be charged.

Private client fees are set and agreed in advance for structured arrangements and are typically a 1% arrangement fee (Subject to man hours and complexity).