Weekly Markets Update

Markets Update 19-09-2022

Markets last week

Last week was dominated by inflation data, with the US CPI (consumer price index) providing a sobering outlook to investors who had been anticipating a smooth downward ride for price increases. At 8.3% headline CPI, the number fell less than expected, but more importantly the details showed that inflation was stickier. The core CPI (ex food and energy) actually rose from 5.9% to 6.3%, driven by higher rents and showing that softer energy costs are not sufficient to bring other prices down. 

Inflationary pressures are lessening at the input level (whether producer prices in the UK, import prices in the US, prices paid and received in US regional surveys, wholesale prices in Germany) but the initial burst of inflation caused by higher energy and goods prices has now spread to other parts of the economy, making the central banks’ job more difficult in trying to tame inflation. Even normally immune Japan posted a surprisingly high 3% CPI print.

Having said that, natural gas prices fell as the European Union started outlining details of its intervention into the energy crisis, including a proposal for targets to reduce electricity demand. Oil prices also fell, leading to lower power prices, although most consumers will not necessarily feel these small differences.

Risk markets reacted badly to the inflation saga. Further, growth issues emerged, with softer economic surveys (the “Philly Fed” in the US, YouGov in the UK, ZEW in Germany and the eurozone). The Atlanta Fed’s GDPNow tracking model, which provides a running forecast of US growth for the current quarter, fell again from a 1.3% forecast to 0.5%, only two weeks after being revised down from 2.6%. The drop in its estimate was mostly caused by lower consumer spending growth.

To make matters worse, on Friday, the market woes were compounded by an announcement from FedEx, often considered to be a bellwether for the whole US economy, that it would be withdrawing its earnings forecast.

All of these movements happened against the backdrop to two major central bank meetings this week: the US Federal Reserve (Fed) tomorrow and the Bank of England on Thursday. The consensus on the Fed hike has hardened from 50-75 bps to 75-100 bps, putting pressure on US government bond yields.

At the end of the week, the US dollar was once again close to a 20-year high, with sterling further weakened by the soft economic data, slumping to a 37-year low and falling against the euro to its lowest level since February 2021. Government bond yields continued their almost relentless rise, with 10-year US treasuries up 18 bps and 10-year gilts up 4 bps. The difference in yields between Italy and Germany reached 2.5%, a level where the European Central Bank was assumed to consider intervening through its Transmission Protection Instrument, but finished at a more moderate 2.28%.

Equities had another bad week, with the US particularly hit and Japan the most resilient of the main markets. Although all sectors fell, information technology was the worst whereas energy, financials and healthcare were relatively more defensive.

Yesterday was a market holiday in the UK in honour of Her Majesty the Queen, but other main markets were open, with Europe flat and the US rising 0.7% and some carry-over in Asia today.


The week ahead

Tuesday: US building permits, housing starts and existing home sales (on Wednesday)

Our thoughts: there is no doubt now that the US economy is slowing down, but there is a world of difference between a slowdown and a recession. Historically, most US recessions have been caused by the housing market collapsing. The data so far point to a correction in frothy housing prices rather than anything more sinister, but this is subject to further incoming data. Building permits and housing starts normally deliver a good health check on the US housing market, to which we can add existing home sales. In light of US mortgage rates exceeding 6%, there must be a concern that the market could be headed for something bigger than a simple correction.

Wednesday: Fed Open Market Committee (FOMC) meeting

Our thoughts: all meetings of the Fed are awaited with bated breath but the one this week takes a bigger importance due to the negative inflation surprise in the US last week. Markets have swung between expecting a 50 bps hike or 75 bps before the CPI print when the dial moved to a toss-up between 75bps and 1%. Again, not only will the actual rate rise matter but the comments accompanying it will be parsed carefully. How far will the FOMC go? What is the expected terminal rate? What do the “dot plots” (future rates expected by every voting official) say? Also, will there be any changes to the quantitative tightening programme (monthly sales of assets into the market)?

Thursday: Bank of England Monetary Policy Committee (MPC) meeting

Our thoughts: just like the Fed, the Bank of England’s MPC is eagerly awaited by the markets. The difference is that the MPC does not provide “dot plots” or future rate changes and hence every meeting has the ability to surprise. How will the MPC factor in the incoming government’s spending plans, in particular the £150bn estimated as the cost to the energy support plan? Is that going to help monetary policy, since inflation could actually look lower as a result of the energy price cap, or would it make money policy conceivably even tighter due to the heavy amount of borrowing which could feed into future inflation?


Markets for the week

In local currency

In sterling

Index Last weekYTDLast weekYTD
UK
FTSE 100-1.6%-2.0%-1.6%-2.0%
FTSE 250-2.0%-19.9%-2.0%-19.9%
FTSE All-Share-1.6%-5.5%-1.6%-5.5%
US
US Equities-4.1%-18.2%-2.6%-3.0%
Europe
European equities-2.0%-18.6%-0.8%-15.1%
Asia
Japanese equities-1.4%-2.7%0.1%-7.3%
Hong Kong equities-4.1%-20.7%-2.6%-6.6%
Emerging Markets
Emerging market equities-3.3%-23.8%-1.7%-9.7%
Government bond yields
(yield change in basis points)
Current level Last Week YTD
10-year Gilts3.14%4217
10-year US Treasury3.49%18198
10-year German Bund1.81%11198
CurrenciesCurrent level Last Week YTD
Sterling/USD1.1431-1.4%-15.5%
Sterling/Euro1.1405-1.2%-4.1%
Euro/USD1.0042-0.2%-11.8%
Japanese yen/USD143.21-0.5%-19.6%
Commodities (in USD)Current level Last Week YTD
Brent oil (bbl)92-0.9%18.3%
WTI oil (bbl)85.73-1.2%14.0%
Copper (metric tonne)7753.5-1.3%-20.2%
Gold (oz)1675.84-2.4%-8.4%



Sources: FTSE, Canaccord Genuity Wealth Management

Central banks/fiscal policy

No activity or comments from central banks

The People’s Bank of China left its one-year medium-term lending facility rate unchanged at 2.75%, its one-year loan prime rate at 3.65% and the five-year loan prime rate at 4.30%, which disappointed markets expecting a cut.

The Fed was in its closed period and its officials could not make any comments to the markets. Likewise for the Bank of England.


United States

Mixed surveys and solid jobs don’t offset the inflation shocker

Surveys: the NFIB small business optimism index rose from 89.9. to 91.8 in August. The Empire Manufacturing survey (NY State) improved from -31.3 to -1.5, whereas the Philadelphia Fed Business outlook survey (known as the Philly Fed) went the other way from +6.2 to -9.9. The University of Michigan sentiment index was better, but not quite as much as expected: the index rose from 58.2 to 59.5, with both sub-indices improving, current conditions from 58.6 to 58.9 and expectations from 58.0 to 59.9.

Inflation: the August CPI was a huge disappointment, with the headline CPI falling only from 8.5% to 8.3% against expectations of a larger drop and the core CPI ex food and energy actually rising from 5.9% to 6.3%. The PPI (producer price index) final demand fell from 9.8% to 8.7% in August, with the core PPI ex food and energy falling from 7.67% to 7.3% and PPI ex food, energy and trade from 5.8% to 5.6%. the import price index fell from 8.7% year-on-year to 7.8% and the export price index from 12.9% to 10.8%. Lastly, the University of Michigan inflation surveys improved slightly, with the 1-year forecast down from 4.8% to 4.6% and the 5-10-year forecast down from 2.9% to 2.8%.

Employment: the weekly jobless claims continued on their lower trend over the last two months, with initial claims down from 218K to 213K but continuing claims up from 1401K to 1403K. This series bottomed in March at 166K, rose to 261K in mid-July and has been heading lower since, in defiance of the slower economy.

Earnings: real average hourly earnings were -2.8% in August, slightly better than the prior -3.0%.

Sales: retail sales rose 0.3% in August after -0.4% the previous month, but the control group was flat after +0.4%.

Industry: industrial production fell 0.2% in August, down from 0.5% and capacity utilisation eased from 80.2% to 80.0%.

Housing: MBA mortgage applications had another negative week, down 1.2%, after -0.8%. The NAHB housing market index tumbled from 49 to 46, the lowest number since the height of the pandemic in May 2020.


United Kingdom

The CPI surprise was not as bad as in the US, but the issues are similar: lower headline and sticky core inflation

Employment: the claimant count rate was unchanged at 3.9% in August with a small increase in jobless claims to 6.3K and a positive payrolled employees monthly change of 71K vs. 77K the previous month. The ILO (International Labour Organisation) unemployment rate for July fell to the lowest since 1974, at 3.6% in the three months through July. This decline in the jobless rate was driven by a sharp increase in the number of people not seeking employment. A total of 194,000 people left the workforce, the most since the start of the pandemic.

Inflation: the CPI moderated slightly in August from 10.1% to 9.9%, although the core CPI (ex food, energy, alcohol and tobacco) edged up from 6.2% to 6.3%, highlighting the spreading of inflationary pressures in the economy even as energy prices are coming down. The PPI was lower, with the PPI output down from 17.1% to 16.1% and the PPI input down from 22.6% to 20.5%. The BoE/Ipsos inflation forecast for the next 12 months rose from 4.6% to 4.9% in August.

Surveys: the YouGov UK consumer confidence slipped into negative territory for the first time since the pandemic lockdown in the middle of 2020, dropping 4.2 to 98.8 in August.

Sales: retail sales were down 1.6% in August including or excluding auto fuel, the biggest drop this year.


Europe

Continuing to be weaker

Surveys: the ZEW survey fell further with the eurozone expectations gauge down from -54.9 to -60.7. The ZEW for Germany also dropped, with the current situation down from -47.6 to -60.5 and the expectations from -55.3 to -61.9.

Trade: the trade deficit for the eurozone increased from €32.2bn to €40.3bn in July (seasonally adjusted).

Industry: industrial production in the eurozone fell 2.3% in July after +1.1% the prior month. EU 27 new car registrations were finally positive in August, up 4.4% after 13 negative months!

Construction: construction output for July in the eurozone fell 1.3% after -1.2% the previous month.

Inflation: the wholesale price index in Germany was less elevated, at 18.9% year-on-year in August, down from 19.5%.


China/India/Japan/Asia

Better Chinese and Japanese data, but Japan CPI at 3% raises eyebrows

China: the monthly economic data were generally better than expected and the previous month, industrial production up from 3.8% to 4.2%, retail sales up from 2.7% to 5.4%, fixed assets ex rural (i.e. investment) up from 5.7% to 5.8% and surveyed jobless rate down from 5.4% to 5.3%. Only property investment disappointed, down from -6.4% to -7.4%.

Japan: the PPI was 9.0% in August with the previous month revised up from 8.6% to 9.0% as well. Core machine orders rose 5.3% in July from 0.9% previously. Capacity utilisation increased 2.4% in July, after a +9.6% month. The tertiary industry index (i.e. services) fell 0.6% in July, from -0.4% the previous month.

August exports rose 22.1% year-on-year, up from 19.0%, with imports up 49.9% from 47.2%.

The national CPI rose from 2.6% to 3.0% with the core CPI (ex fresh food and energy) from 1.2% to 1.6%.


Oil/Commodities/Emerging Markets

The stronger US dollar weighed on most commodities last week, with energy and industrial metals correcting and gold particularly weaker. Additionally, growth concerns added to lower crude and metals prices. Brent oil fell by 0.9% and copper by 1.3%.

What our clients say about us

Some of our clients shared their experience

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

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

"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

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

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 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 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

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

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

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 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 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.

 

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.
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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 ?

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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).