The week that was…

In the week ending 4th September, what stole the financial headlines?

Unrest for the West continued apace as troubles in Ukraine and Iraq showed little sign of abatement. With its interference the wrong side of the Ukrainian border still largely unchecked, Russia looks set to be the subject of further economic sanctions by the EU. Indeed, it is preparing to ban Russian state-owned oil companies from raising funds in European capital markets. Such action would hit some of the country’ s largest energy groups. Meanwhile, US President Barack Obama, in Europe for the Nato summit, was the subject of criticism for his failure to develop and implement a workable strategy with which to deal with Russia’s advances. To date, Obama has repeatedly stated his desire for a diplomatic solution. Elsewhere, US air strikes in Iraq continued in an attempt to blunt the Islamic State’s rapid progress through the country. Following the execution of US journalist Steven Sotloff, the second beheading in a matter of weeks, the US president told a news conference of the US’ desire to “degrade and destroy” Islamic State.

Headline Hotlist & World/ Asset Returns Source: The BNY Mellon Investment Strategy and Solutions Group (“ISSG”) as at 05/09/14. ISSG is part of The Bank of New York Mellon.

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