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You acknowledge and agree that access to this Site is provided only in accordance with these Terms & Conditions.

By accessing this website (the ‘Site’), you agree to be bound by the following terms and conditions (the ‘Terms’). Before using this Site, you should read carefully the Terms, our Cookie Policy and also our Privacy & Security Statement. If you do not agree to these Terms & Conditions, please do not make use of this Site.

The Site has been approved for issue in the UK by Harrison Rowe Financial Planning Limited trading as Harrison Rowe Private Wealth. Harrison Rowe Financial Planning is authorised and regulated by the Financial Conduct Authority (“FCA”), and is entered on the Financial Services Register with the firm reference number 208467.

Harrison Rowe Financial Planning is part of a global group of businesses known asThe Harrison Rowe Group. Harrison Rowe Financial Planning Limited is registered in England and is established at 56, Wentworth Road, Blacker Hill, Barnsley, United Kingdom, S74 0RP, which is its registered office.

Unless otherwise stated in relevant sections of the website, this website is targeted at investors who are generally classified as qualified, professional, accredited or institutional. The information contained in this website is directed only at persons in a country or jurisdiction where access to the information and the use thereof is not contrary to local law or regulation. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction when accessing the information contained in this website. In particular, no offer or invitation is made to any US persons (being residents of the United States of America or partnerships or corporations organised under the laws of the United States of America or any state, territory or possession thereof), who are excluded from the services, funds and products included in this site. There will be no public offering of services, funds and products in the United States.

The services, funds and products will not generally be available to U.S. Persons.

Should you wish to contact us please refer to the Contact Us link which can be found on each page of the Site.

In these Terms

  • ‘Content’ means all pages, screens, information and materials included in or accessible through this Site (including any content available on any email or SMS services).
  • ‘you’, ‘your’ and ‘yours’ means you, the person(s) accessing this Site and the party on whose behalf you are doing so.
  • ‘we’, ‘us’ and ‘our’ means HR Capital Partners Limited.
  • ‘HR / HR Group’ means HR Investments Limited, its subsidiaries and associated companies from time to time.

Terms

These Terms cover your use of this Site. All products and services provided by members of the Harrison Rowe Group have their own terms and conditions (the ‘Product Terms’). You must read both the Product Terms and these Terms. To the extent that the Product Terms conflict with these Terms or any Local Sites’ terms and conditions then the Product Terms will prevail.

We are required by law to tell you that the terms and conditions are in English and that we will communicate with you in English.

From this Site we may provide information or hyperlinks to other websites or pages provided by other entities within the Harrison Rowe Group (‘Local Sites’) and other parties. Your use of Local Sites and other parties’ sites may be subject to their own terms and conditions. You should read them.

This Site is intended for those who access it from within the United Kingdom. Because of this we cannot guarantee that the Site, or the information thereon, complies with the local laws or regulations of, or is appropriate for use in, any other jurisdiction from which you access it. If you choose to access this Site from a jurisdiction other than the United Kingdom you do so at your own risk and the Harrison Rowe Group will not be liable for any breach of local law or regulation that you commit as a result of doing so.

Please make sure you read carefully all applicable terms, conditions and disclaimers relevant to your use of the products, services or information that may be offered to you from time to time.

If any part of these Terms is found by any court or other competent authority to be invalid, unlawful or unenforceable then such part shall be severed from the rest of the Terms which shall continue to be valid and enforceable to the fullest extent permitted by law.

Changes to our Terms

You acknowledge that we may amend these Terms from time to time, at our sole discretion. If we elect to amend these Terms, the revised version will be posted on the Site. You undertake to check the Site regularly for any changes we may have made since your last visit to the Site, since any such changes will be binding on you. By using the Site after we have changed or amended these Terms, you acknowledge that you will be accepting those changes or amendments.

These Terms & Conditions were last updated on 6th February 2019.

Availability of site, products and services

The Content, including layout, of this Site or products or services available via this Site may be wholly or partially suspended, withdrawn or changed at any time.

We also reserve the right at any time to immediately suspend the provision of all or any part of this Site to you and/or block your access to this Site.

The provision of financial services or products

Not all the products and services that you may be able to view via the Site are available in all geographical locations. The relevant Harrison Rowe Group member reserves the right to make the final determination on whether or not you are eligible for any particular product or service.

If you choose to enter a website outside your country of residence, you are advised that it may not be legal in that jurisdiction for you to access or use the facilities available on that site and the legal requirements of that jurisdiction may prohibit you from dealing or otherwise transacting in that jurisdiction. No member of the Harrison Rowe Group will be liable for any breach of local law or regulation that you may commit as a result of using and accessing a website in a country in which you are not resident.

Please be aware that some of the products and services listed within the Site and those provided by any other Harrison Rowe Group members or third parties that may be accessed via a link from this Site may not be suitable for all investors. Always read the product information fully before committing to any contractual agreement.

All products or services provided to you by us or any other Harrison Rowe Group member shall only be available in the jurisdiction/s within which the member providing the product or service is authorised to operate.

You agree that any of the products or services provided to you by us or any other HR Group member shall be deemed to be provided in the jurisdiction within which the member providing the product or service is authorised to operate.

No offer

Information or opinions contained on this Site or in any Local Sites do not constitute an offer to sell or a solicitation, or offer to buy, any securities or financial instruments or investment advice or any advice or recommendation in respect of such securities or other financial instruments.

Should you seek to rely in any way whatsoever upon any Content contained on this Site, you do so at your own risk.

Before you make any decision or take any action that might affect you or your personal finances or business, you should always consult a suitably qualified professional adviser(s) to obtain appropriate financial, legal, accounting, tax and other advice.

No warranties

Other than the warranties and representations contained in these Terms, all other warranties and representations, whether express, implied or statutory are, to the fullest extent permitted by the law, excluded. We do not exclude or restrict our liabilities or duties to you where or to the extent that this is prohibited by law or regulation. Use of this Site is at your sole risk.

We do not represent that:

  • any information contained on this Site will be accurate, complete or up to date or meet your specific requirements,
  • this Site will be available,
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We do not provide any guarantee about the accuracy, functionality or performance of any third party software, Content or equipment used in connection with this Site.

Exclusion of our liability

To the extent permitted by law, neither we nor any member of the Harrison Rowe Group shall be liable for any damage, loss or liability (whether arising in contract, tort, including negligence, or otherwise) arising out of or in connection with:

  • your use of this Site,
  • your reliance on or your inability to use the information, products or services on this Site, or
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The above exclusions apply to any damage which is direct, indirect, special, incidental or consequential or consists of loss of profits, business, opportunity or data.

All of the above exclusions apply even if you have advised us or any other member of the Harrison Rowe Group of the possibility of the above types of damage, loss or liability.

Password and security

In order to use the Site or one or more parts of it, you may be required to become a registered user. In order to become a registered user we will issue you with one or more of the following, namely, registered username, password other security identifier (‘Password’) in accordance with our procedures in place from time to time.

You will keep your Password secret and confidential at all times. Your Password will allow you to access your personal and confidential account and/or financial information.

You must tell us immediately of any unauthorised access to the Site using your Password or any unauthorised transaction or instruction which you know of or suspect of if you suspect someone else knows your Password. We will need you to help us and any law enforcement agency in trying to recover any losses. We may disclose information about you or your account to a law enforcement agency or other third parties if we think it will help prevent or recover losses.

You are wholly responsible for use of the Site by any person using your Password.

We reserve the right to suspend access to the Site in the event that we suspect that an unauthorised person is attempting to access the Site using your Password.

Your obligations

Security – it is your sole responsibility adequately to:

  • protect and back up your data and equipment,
  • undertake reasonable and appropriate precautions against any computer virus or other destructive materials or elements, and
  • ensure that your computers and your access to this Site are adequately secured against any unauthorised users.

Your use of this Site – you may not use this Site or permit others to use this Site:

  • in any way (including via electronic means) and for any purpose which is unlawful, defamatory or libelous, offensive, abusive, indecent, menacing or threatening or in any way that infringes any intellectual property rights or breaches any obligations of confidence, or
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You undertake to comply with any terms notified to you as required from time to time by any third party supplier of data or services to this Site, including but not limited to, where necessary, entering into a direct agreement with such third party in respect of your use of their data.

Third party site and endorsement

  • Links to Third Party Sites – where we provide hypertext links to other locations on the Internet, we do so for information purposes only. We are not responsible for the content of any websites or pages of third parties linked to or from this Site. Following links to any websites or pages of third parties shall be at your own risk. We shall not be responsible or liable for any damages or in any other way in connection with such linking of those websites or pages.
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Links to our site

Neither you nor any other party may use any part of this Site on any other website, or link any other website to this Site, without our prior written permission.

We are not responsible for the set-up of any link from a third party website to our Site.

Neither you nor any other party may deep link to, frame, spider, harvest or scrape the Content or otherwise access the Content for any purposes, or use any machine, electronic, web based or similar device to read or extract the Content by machine based or automated means, without our prior written permission.

Intellectual property rights

  • Our Rights – all intellectual property rights (including, without limitation, copyright, database rights, design rights, patents and trademarks) in the Content are owned by or licensed to us unless otherwise stated.
  • HR – HR and the HR logo are trademarks of HR Investments Limited and all rights and benefits in them vest in HR Investments Limited.
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    • create any data base in electronic or structured manual form by systematically downloading and storing all or any of the Content; or
    • redistribute any of the Content (including by using it as part of any syndication, content aggregation, archive or similar service); or
    • remove the copyright or trademark notice from any copies of Content made in accordance with these Terms.

Internet and e-mail communications

Messages sent over the Internet (including e-mail) cannot be guaranteed to be completely secure as they are subject to possible interception, monitoring, delay, loss or alteration.

Neither we nor any other member of the Harrison Rowe Group are responsible for any such messages nor liable to you or anyone else for any damages or otherwise in connection with any messages sent by you to us or any other party or any messages sent or appearing to be sent by us or any third party to you over the Internet (including e-mail). You should not include any sensitive or confidential information in such messages.

Our monitoring of communication

To help us improve our service and in the interest of security, we may monitor and/or record communications (whether over the Internet, telephone or otherwise) between you and us. All recordings are our sole property.

Data protection and Privacy

Cookies

Governing Law

These Terms are governed by and are to be interpreted in accordance with the laws of UK.

The courts in England and Wales will have non-exclusive jurisdiction in respect of any dispute which may arise in connection with the Terms or your use of this Site.

Markets rise despite a further escalation in the US/China trade war

Despite a further escalation in the trade war between the United States (US) and China, most stock markets rose over the week as of 12 pm London time, with the MSCI World rising 0.4%, the US Standard & Poor’s 500 index rising 0.5% and even the MSCI Emerging Markets index rising 0.5%.

However, this hides the sharp falls seen in currency markets this week, as the US dollar index has risen to levels not seen since July 2017. The standout currency move over the week was the Turkish lira, which fell over 14% versus the dollar or 40% over one year after a Turkish delegation to the US failed in its bid towards lifting US sanctions.

US announces $16bn worth of additional trade tariffs on China

Following China’s threat to impose new tariffs on $60bn worth of US imports last week, the US confirmed that it would impose tariffs on a further $16bn of Chinese imports from August 23rd. China’s commerce ministry responded in kind, announcing 25% duties on $16bn of US goods including oil products, steel, and cars.  Since both sides-imposed tariffs on $34bn worth of each other’s goods last month, a total of $100bn worth of bilateral trade will now be subject to tariffs. 

The fortune of each other’s stock markets though has been markedly different, suggesting investors believe there will be a clear winner. The Shanghai Composite index has fallen to within whispering distance of the lows seen in January 2016. Whilst the S&P 500 has recovered from its 10% fall at the beginning of the year, trading near to a record high.

US Stock market tests the record high set in January

The US stock market continues to be buoyed by strong earnings, with 79% of the 413 companies within the S&P 500 that have reported earnings so far this earnings season, having beaten expectations. Inflation has yet to become problematic too, with the latest Produce Prices Index (PPI) at a headline level coming in unchanged for July, versus expectations of a 0.2% increase. However, stripping out more volatile items such as food, energy and trade services, PPI rose 0.3% over the month.

Sharp fall in German manufacturing output

A sharp fall in German manufacturing output for June was revealed at the beginning of the week, fuelling concern that the global trade war has deepened an export-led slowdown in the Eurozone. Manufacturing new orders fell by 4% over June, with the value of new orders falling by 1.7% over the 2nd quarter, following a 2.2% fall in the 1st quarter.  This continued weakness has poured cold water on the idea that the slowdown at the beginning of the year was due to the harsh winter.

This was swiftly followed by news that Germany’s industrial production fell by 0.9% in June, worse than forecast, with the production of consumer goods hit particularly hard.  However, versus the same month a year earlier, exports have actually risen by 7.8%, whilst imports climbed 10.2%. Nonetheless, this helped the Euro to weaken to levels not seen versus the US dollar since July of last year, now trading at $1.14.

Sterling hit by growing fears of a “no deal” Brexit

Sterling fell to levels not seen in over a year versus the dollar, on growing concerns of a “no deal” exit from the European Union, now trading at $1.27. However, despite the threat of a hard Brexit hanging over the economy, the weakness in the currency helped the FTSE All Share to rise by 0.4% as overseas earnings are translated back into higher sterling profits.

US imposes further sanctions on Russia following the Salisbury nerve agent attack

The Russian rouble fell to its lowest level for more than two years as the US announced fresh sanctions on Russia in response to the nerve agent attack against a former Russian spy in the UK in March.

This could hit hundreds of millions of dollars’ worth of Russian state imports, as they are denied import licenses for technologies that could potentially have military applications. These sanctions are scheduled to take effect on the 22nd August, and more draconian measures could follow if Russia does not provide reliable evidence that it is no longer using chemical or biological weapons.

Emerging market currencies fall

Taken as a whole, emerging market currencies fell by 3.4% versus the US dollar this week as measured by the JP Morgan Emerging Market Currency Index. However, the MSCI Emerging Market Currency Index which has a much higher weighting towards Asian currencies only fell by 0.15%.

Crude oil falls on US inventory report

Crude oil started the week on a high, as the US confirmed it would reimpose economic sanctions on Iran and news of an unexpected drop in Saudi Arabian oil production in July. However, this was rapidly reversed on Wednesday as the US reported a smaller than forecast fall in crude inventories, pushing Brent crude oil down by over 3%.  Brent crude is currently trading at $72.5 a barrel, whilst WTI (West Texas Intermediate) is trading at $67.2.

Issues under discussion: Sterling

The recent weakness in Sterling on the back of growing hard Brexit fears has helped portfolio performance in recent days, as our overseas holdings have risen in value. At $1.27 to the US dollar, we are discussing whether much of the ‘fear’ is priced in and at what level we may start to reinstate hedging our overseas assets into sterling.

Tesla rattles short sellers

Shares in Tesla, the pioneering US electric carmaker soared by 11% this week as Elon Musk took the opportunity to declare via Twitter, that he wanted to take the company private, shortly after the Financial Times revealed that Saudi Arabia’s sovereign wealth fund had built a $2bn stake in the company.

According to data from Markit, Tesla is one of the US’s most shorted companies, with 27% of the company’s shares out on loan to investors betting that its share price will fall. The sharp rise in the share price on Tuesday resulted in a paper loss of $823m on the short positions in the company, although the shares have since fallen again as investors have questioned Elon Musk’s ability to finance such a deal.