Weekly Markets Update

Markets Update 18-09-2023

white and brown water buffalo

Markets last Week

Once again, there were divergent moves in markets and economies creating day-to-day volatility for investors, but the general direction was still mostly positive, with surging oil prices and a strong US dollar as the backdrop.

A negative growth surprise in the UK and a reversal of industrial production in the eurozone drove a risk-off environment early in the week, although it was a short-lived sentiment.  The US Consumer Price Index (CPI) changed the mood. It was technically higher than expected with some still sticky service prices and a recovery in the energy component which had been driving the headline reading down over the last few months. Markets did, however, interpret them more positively and a higher Producer Price Index (PPI) did not change that buoyant feeling.  On Friday, however, the much lower inflation expectations from the University of Michigan sentiment index dragged US equities down, creating a contrarian view in markets about inflation surprises.

The European Central Bank (ECB) delivered yet another 25 bp rates hike with some expectation of a possible pause at the next meeting, although as usual, there wasn’t a lot of guidance from the commentary. The ECB forecast, however, showed lower growth and higher inflation this year and next. Investors seemed to be reassured by the outcome of the meeting with stronger equity returns and bond yields falling, although the euro fell against both the US dollar and sterling.  

There was some good news from the Chinese economy after a long string of disappointing data. Industrial production and retail sales bounced back, although the property sector and foreign direct investment were still looking challenged. The improvement nevertheless gave Asian markets some support during the week.

The US dollar and oil prices were very strong last week. The US crude gauge, West Texas Intermediate (WTI) crossed over US$90/bbl, a 15-month high, whilst the global benchmark, Brent, also surged more than 3.5%.

There was some divergence in global government bond yields, with US yields rising against UK and eurozone yields falling, partly reflecting a reassessment on how far central banks are likely to raise rates.

Widespread talk of a US government shutdown, as well as the United Auto Workers strike against Detroit carmakers did not affect the market risk appetite during the week.

At the end of the week, equities performed well but with significant regional and sectoral differences. Japanese and UK shares rose more than 3% whilst US and Chinese markets barely made a positive return. A mixture of sectors was at the top, with financials, utilities and consumer discretionary leading, whereas technology continued on its post-July correction.

The week ahead

Wednesday: UK inflation

Our thoughts: inflation has been very disappointing in the UK and economists are forecasting perhaps a higher reading for August compared to July. Certainly, the level of weekly earnings has been very high and sticky and worried some Bank of England (BoE) officials. Whether there is a silver lining on the data that could stop the BoE from hiking rates further, is probably wishful thinking at this stage, but the recent comment made by BoE Governor Andrew Bailey on being close to the rate peak may resonate with the Monetary Policy Committee (MPC) in general when they come to their interest rate decision. The global backdrop has indicated a stalling or even reversing of the fall in inflation rates. Will the same happen in the UK despite price rises being at a higher level than in other developed countries?

Wednesday: US Federal Reserve (Fed) meeting

Our thoughts: will the Fed hike rates or pause? The current rate (5.25%-5.50%) is already seen as being restrictive enough by many economists, but the markets are assigning a minimal 50% chance of a further rate increase this week and a  less than 50% probability of a hike by year-end. Clearly, the current Fed funds rate is not slowing down the US economy in the way that many had anticipated, and the question remains whether the ‘lags’ in monetary policy will eventually bring the US economy to a standstill or whether higher rates are needed. As usual with the Fed, the comments from Fed Chair Jay Powell will matter as much as the rate decision, as investors will be trying to figure out whether more hikes are ahead and how soon the Fed could start cutting rates.

Friday: Purchasing Manager Indices (PMI) for Japan, UK, eurozone and US

Our thoughts: does growth matter again? After markets fixated on central bank rates, the recent softness in US employment data has rekindled the ‘bad news is good‘ market discourse, but is this still true? Will markets take heart with any improvement in the PMIs? Right now, manufacturing is depressed globally but there seems to have been a small bounce in places like the US and Japan, although not in Europe or the UK. Services have been more resilient, with the US, and particularly Japan, above the 50 threshold between expansion and contraction. Will anything change over the last month and what are the implications for global growth? Will markets react as if ‘bad news is good‘ or will they revert to enjoying better growth?

Central banks/fiscal policy

The ECB delivers another hike, weakening the euro and eurozone bond yields, but do the comments hint that it is the last one?

The ECB hiked rates by another 25 bps, the tenth consecutive increase, to their all-time high, with the deposit facility rising to 4.00%, the main refinancing rate to 4.50% and the marginal lending facility to 4.75%. The ECB cut growth forecasts for every year until 2025, with a 2023 growth of 0.7%, a 2024 forecast of 1.0% and a 2025 forecast of 1.5%.  The ECB also sees the average eurozone inflation rate rising in 2023 to 5.6%, to 3.2% in 2024 but down to 2.1% in 2025. Comments made included inflation is too high and has been too high for too long. The statement indicated that ‘key ECB interest rates have reached levels that, maintained for a sufficiently long duration, will make a substantial contribution to the timely return of inflation to the target.’

The People’s Bank of China (PBoC) cut its reserve requirement ratio for major banks from 10.75% to 10.50%, in a further attempt to stimulate the weak Chinese economy, but it left the one-year medium-term lending facility rate unchanged at 2.50%.

United States

Conflicting statistics on inflation data and expectations. Mixed data with strong retail sales and industrial production but diverging surveys.

Inflation: the all-important CPI rose from 3.2% to 3.7%, somewhat above estimates due to energy costs ceasing to be so negative and services prices still quite sticky. The core CPI ex food and energy, however, fell from 4.7% to 4.3%. The PPI rose from 0.8% to 1.6% for the PPI final demand, eased from 2.4% to 2.2% for the PPI ex food and energy but climbed further from 2.9% to 3.0% for the PPI ex food, energy and trade.

Real average hourly earnings were up 0.5% year-on-year and the real average weekly earnings rose 0.3%.

The New York Fed one-year inflation expectations survey edged up from 3.55% to 3.63%.

Import prices in August were higher, up 0.5% from 0.1% previously, i.e. -3.0% year-on-year up from -4.6%, but ex petroleum  remained flat on the month. Export prices jumped 1.3% in August for -5.5% year-on-year, up from -8.0%.

Inflation expectations embedded within the University of Michigan sentiment index fell quite sharply with one-year inflation expectations down to 3.1% from 3.5% and 5-10-year inflation to 2.7% from 3.0%.

Employment: the weekly jobless claims series continues to show lower claims after a peak in June, with initial claims at 220K vs. 217K the previous week, and continuing claims at 1688K vs. 1684K.

Surveys: the National Federation of Independent Business (NFIB) small business optimism index lost some ground, from 91.9 to 91.3, a weak reading but still above the cyclical low of 89 earlier this year.

The Empire Manufacturing survey (New York State) bounced back above estimates from -19.0 to +1.9.

The University of Michigan sentiment index fell from 69.5 to 67.7, driven by current conditions down from 75.7 to 69.8, although expectations edged up from 65.5 to 66.3.

Industry: business inventories were flat in July after -0.1% the prior month. Capacity utilisation in August continued its rally, from 79.3%, upgraded to 79.5%  last month and this month up further to 79.7%. Industrial production in August rose 0.4% after +0.7% the prior month.

Consumer: retail sales in August rose 0.6%, above estimates and above the previous month’s reading of 0.5%, retail sales ex auto and gasoline were softe

United Kingdom

Negative growth in July, a steep drop in house prices and disappointing inflation expectations.

Growth: Gross Domestic Product (GDP) growth had a disappointing month in July, dropping 0.5% after a positive 0.5% the prior month. The shortfall was mostly driven by manufacturing production falling 0.8% but also the index of services surprisingly down 0.5%. Construction output was also negative 0.5% but the trade balance improved. Over the last three months, GDP continued to rise 0.2%, as previously, meaning that June’s upward surprise was offset by July’s downward move.

Employment: the two different employment surveys (from the UK Office of National Statistics (ONS) and the  International Labour Organisation (ILO) showed little change in the jobs picture in the UK. The ONS August data had an unchanged claimant count rate at 4.0%, a jobless claim change of 0.9K, down from 7.3K and a payrolled employees monthly change of -1K vs. -4K. The ILO July numbers saw a small increase in the  three month unemployment rate from 4.2% to 4.3%, a large drop in employment from -66K to -195K and the average weekly earnings up 8.5% year-on-year (from 8.4% the prior month) and 7.8% ex-bonus (unchanged).

Housing: the Royal Institution of Chartered Surveyors (RICS) said that almost every region in the UK is now seeing ‘relatively steep‘ falls in house prices. The RICS house price balance index is the most negative since 2009, down from -55% to -68%.  The Rightmove house price index rose 0.4% in September for a year-on-year fall of 0.4%, below the prior month at -0.1%.

Inflation: the BoE/Ipsos inflation expectations for the next 12 months rose to 3.6% from 3.5%.


Very poor growth and surveys

Surveys: the Zentrum für Europäische Wirtschaftsforschung (ZEW) survey was more negative for the eurozone, with the expectations component down from -5.5 to -8.9, but the expectations for Germany a tad better at -11.4 vs. -12.3. The German current situation, however, was markedly worse at -79.4 vs. -71.3.

Industry: industrial production in the eurozone fell sharply in July, down 1.1% for the month and -2.2% year-on-year, down from -1.1% the previous month.

Inflation: German wholesale prices were slightly less negative at -2.7% vs. -2.8%.


A mixed bag of monthly data in China, but a few rays of sunshine helped investor mood. Some concerns about Japanese machine orders.

China: the August economic data release was generally better than expected and seemed to point towards some kind of economic stabilisation if not rebound.  New home prices fell 0.29% after -0.23% the prior month, industrial production recovered from 3.7% year-to-date to 4.5%, retail sales from 2.5% to 4.6%, fixed assets ex rural (i.e. investment) eased from 3.4% to 3.2%, property investment from -8.5% to -8.8%  and residential property sales dropped from +0.7% to -1.5%. The surveyed jobless rate improved from 5.3% to 5.2%.  Foreign direct investment, however, fell further from -4.0% year-on-year to -5.1%.

Japan: the PPI fell a little from 3.4% to 3.2% year-on-year. Core machine orders (which are more domestically focused than machine tool orders) fell 1.1% in July for a year-on-year drop of -13.0% vs. -5.8% previously. Capacity utilisation fell 2.2% in July, after a positive 3.8% the prior month.  The tertiary industry index (i.e. services) rebounded from -0.7% to +0.9% in July.

Oil/Commodities/Emerging Markets

Oil still riding high, even as the US dollar strengthens

Saudi Arabia extended its crude oil output cuts until the end of the year. Organisation of the Petroleum Exporting Countries (OPEC) announced that global oil markets face a supply shortfall of more than three million barrels by year-end, the largest production shortfall in over a decade. The news further supported the already bullish crude prices.

Despite industrial metals prices lagging the strong energy trend, iron ore has quietly reached a five-month high.

What our clients say about us

Some of our clients shared their experience

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.

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.

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.

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.

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.

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.

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.

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.

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.

"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!”

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.

BM Horizon Associates Ltd Privacy Policy


BM Horizon Associates Limited (Cyprus) is a privately owned company. 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, Global Residential FZCO, 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 August 2023.


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 to our registered office BM HORIZON ASSOCIATES LIMITED 2 Markou Drako, Pano Kivides Limassol, 4715 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.


You can at any time change or withdraw your consent from the Cookie Declaration on our website
Learn more about who we are, how you can contact us, and how we process personal data in our Privacy Policy.
Your consent applies to the following domains: staging.horizon-associates.net


What are cookies ?

Cookies are small text files that are used to store small pieces of information. They are stored on your device when the website is loaded on your browser. These cookies help us make the website function properly, make it more secure, provide better user experience, and understand how the website performs and to analyze what works and where it needs improvement.

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.

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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.


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.


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).