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Language Notification

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Please be advised that future verbal and written communications from the bank may be in English only. These communications may include, but are not limited to, account agreements, statements and disclosures, changes in terms or fees; or any servicing of your account.

Por favor, tenga en cuenta que es posible que las comunicaciones futuras del banco, ya sean verbales o escritas, sean únicamente en inglés. Estas comunicaciones podrían incluir, entre otras, contratos de cuentas, estados de cuenta y divulgaciones, así como cambios en términos o cargos o cualquier tipo de servicio para su cuenta.

Informamos que as futuras comunicações do banco, verbais e escritas, podem estar disponíveis apenas em inglês. Essas comunicações podem incluir, entre outras, acordos de conta, extratos de conta e divulgações, alterações aos termos ou tarifas, ou qualquer tipo de serviço pertinente à sua conta.

仅此通知,本行即日起发出的口头及书面通信可能将只提供英文版本。这些通信可能包括但不限于账户协议,账单和通知,条款或费用变更;或任何为您账户提供的服务。

Famous Big Ben during sunset in London, England, UK

Perspectives

No major surprises in the UK budget; outlook improving.

Jeffrey Sacks

By Jeffrey Sacks

Head - EMEA Investment Strategy

March 9, 2021Posted InInvestment Strategy

  • The outlook for UK equities remains positive. A growth recovery is supporting earnings, low rates are good for valuations, and the wide yield gap with fixed income is encouraging inflows. 
  • UK equity offers cyclical exposure, value and high dividend yields. These are features that we are favour globally right now.
  • Sterling is well underpinned. Valuation is undemanding, positioning is not over-extended and there is pent-up demand for UK assets. The currency’s attractions could grow in the coming weeks as the challenges relating to the UK’s EU exit slowly ease and as the country’s rapid COVID vaccine rollout progress continues.
  • The UK’s 3rd March budget struck a balance. On the one hand, the UK is extending immediate emergency support measures and medium-term growth initiatives. On the other, it has set out an early roadmap for long-term fiscal retrenchment. There were no major surprises. Equities and Sterling were unchanged on the day. Gilts weakened, in line with global weakness today in sovereign bonds. The rise in gilt yields also partly discounts the earlier growth pick-up expected by the UK government and the heavy issuance outlook of £296 billion for the 2021-22 financial year.
Download: European Strategy Bulletin