10th Feb 2023 10:09
(Alliance News) - Ruffer Investment Co Ltd on Friday said all assets except oil performed "extremely" strongly last month, which it said was the best start to the year for US and European equity markets since 2019 and 2015 respectively.
Ruffer is a London-based investor aiming for a positive total annual return of at least twice the Bank of England base rate, which currently stands at 4.00%
The company said the growth was driven by market's expectations of future events, especially an expected softer tone from the US Federal Reserve, with the Fed slowing the pace of interest rate increases, and milder inflation and economic data.
Further, Ruffer noted a "warm" winter in Europe, due to which gas prices in Europe have fallen 85% from their peak in August 2022, it explained. Meanwhile, China's abandonment of its strict zero-Covid strategy drove up market expectations of global growth in 2023.
Ruffer shares were 0.2% higher at 313.58 pence each in London on Friday morning.
By Tom Budszus, Alliance News reporter
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