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GDP data shows impact of lockdown on economies across the world

  • US GDP fell 32.9% at q/q annualised rate in Q2, representing the largest quarterly decline in post-war history but largely in line with expectations given government lockdown measures (consensus: -34.5%, Q1: -5.0%). Consumption fell by 34.6% q/q annualised, driven by a 43.5% q/q decline in the services sector as restrictions remain in place to control the virus. Durable goods consumption was more resilient than non-durable goods, -15.9% and -1.4% q/q respectively, supported by government income support payments. Business fixed investment was weaker than was expected (-27% q/q annualised), with structures investment down 34.9% and equipment investment down 37.7% as global demand remains muted. Federal spending provided some cushion to falling GDP in the short term (+0.8pp), with non-defense spending +40%, and net trade contributed +0.7pp to GDP (exports -64.1%, imports -53.4%).
  • The FOMC left its current interest rate policy unchanged at their meeting on Wednesday, warning that the recovery of the US economy would “depend significantly on the course of the virus”. The Fed Funds policy rate has been left at the current level of 0 – 0.25% since March, with the Fed maintaining that a change to rates would only be considered once they are “confident that the economy has weathered recent events”. The FOMC noted the pickup in employment in recent months, but also noted the slowing pace of recovery and oil prices causing downward pressure on inflation.
  • Eurozone GDP also saw a record decline in Q2, falling 12.1% q/q (consensus: -12.0%, Q1: -3.6%), taking the region into technical recession. Among the largest economies, flash estimates show that German GDP fell 10.1% q/q, France 13.8%, Spain 18.5% and Italy 12.4%. This takes Italy into its fourth recession in the last decade with output at levels last seen in the 1990’s. In Spain the recovery will be reliant on the crucial tourism sector which has been restricted by increasing quarantine rules put in place by member states. The contraction in German output was worse than analysts had forecast, wiping out nearly 10 years of growth, but unemployment rising only to 6.4% thanks to short-time work subsidy schemes.
  • The Mexican economy contracted for the fifth consecutive quarter, 17.3% in Q2, as the virus took its toll on an already shrinking economy. By sector, industry declined -23.6% q/q, services -14.5% and agriculture declined -2.5%. More than 12 million Mexicans have lost their job since the pandemic hit and Coneval reported that 55% of workers could not afford a basic basket of food in May (up from 36% in Q1). The Mexican government have avoided taking on debt to support the unemployed during the crisis, offering only minimal loans to small businesses. Current IMF forecasts are for a GDP contraction of 10.5% this year in Mexico, although the president Andrés Manuel López Obrador reassured voters on Thursday “The worst is behind us. Our strategy has worked. Now we are recovering.”

Soft data indicates continued recovery in China

  • China’s July PMIs indicated expectations that the economy continued to recover with seemingly little impact from recent floods. The manufacturing PMI increased to 51.1 in July (consensus: 50.7, June: 50.9) whilst the non-manufacturing PMI was slightly lower at 54.2 (consensus: 51.2, June: 54.4). The sub-indices followed the previous months’ trends of expanding new business and recovery of the service sector, whilst employment and export sales continue to decline (48.7 to 48.1, and 44.5 to 43.3 respectively).

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If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

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The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for Irish residents who are:

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It is not for distribution outside Ireland and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions. This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

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It is not for distribution outside the UK and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions..This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

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The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

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This website and the information contained within is for UK resident charity only and not for distribution outside the UK. If you are not a UK resident charity, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

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The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK residents only and not for distribution outside the UK. If you are not a UK resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

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It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions..This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

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By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed

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What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

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By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for South African residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside South Africa and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions. This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

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What type of investor are you?

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed

Who can use this site

This website and the information contained within is for Irish residents only and not for distribution outside Ireland. If you are not an Irish resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed

Who can use this site

This website and the information contained within is for Irish resident charities only and not for distribution outside Ireland. If you are not an Irish resident charity, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for Irish residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside Ireland and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions. This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for Irish residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside Ireland and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions. This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK residents only and not for distribution outside the UK. If you are not a UK resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK resident charity only and not for distribution outside the UK. If you are not a UK resident charity, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions..This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions..This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed

Who can use this site

This website and the information contained within is for South African residents only and not for distribution outside South Africa. If you are not a South African resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the UK Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for South African residents who are:

  • investment professionals;
  • our product distributor partners; or
  • regulated professional intermediaries.

It is not for distribution outside South Africa and should not be relied upon by private investors. It is not available for access by US Nationals

Residents of the United States of America and Hong Kong are not permitted to access the website of the Bank J. Safra Sarasin group of companies according to legal restrictions imposed by their respective jurisdictions. This will also apply to all other jurisdictions where similar restrictions exist.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a financial adviser.

Cookies and other policies

Please note that your internet browser needs to accept cookies in order to enter this website. A cookie is a small data file that is used by websites to send information to the user’s internet browser and the internet browser to return the information to the website. If it is not the case already, you may need to make changes to your internet browser settings to accept the cookies required to enter this website.

By continuing to access this website, you agree to the above warnings and important information. Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

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