Good morning, it's Paul & Jack here with the SCVR for Thursday. Today's report is now finished.

I typed up my mystery shop of TGI Fridays, in the coffee shop of a garden centre, yesterday afternoon, waiting for my Daimler Double Six to be MoT'd (Edit: I only drive it under 1k miles p.a. by the way, and average 18 mpg, before Greta Thunberg rolls her eyes at me, and hisses some insult). The good news is that the Daimler passed with flying colours, with the MoT tester telling me the car is in "mint condition" underneath, despite being 30 years old. The bad news is that my TGI's review is really boring, but I'll post it later, once I've thought of something a bit more interesting to liven it up.

Fed tapering - the US indices (esp. tech & small caps) took a knock yesterday, due to minutes from the last Fed meeting, which indicate the Fed is set to start reducing QE more aggressively than some previously thought. Stimulus from central banks has certainly been a big boost for equity and bond markets, by artificially suppressing interest rates. So if that stops, then it's likely to be bearish, especially for highly valued, more speculative shares. Bond yields (on Govt debt) look ludicrously low to me, but it's a rigged market, so why anyone would voluntarily hold bonds that yield far below inflation, is a mystery to me. That said, all of this is already known, so nothing new. Bitcoin also took another sharp fall, so it looks as if speculative assets could be coming under pressure. Maybe punters might rotate into value? Who knows. Anyway, we're heading for a down day, with FTSE 100 futures set to open c.100 points down.

Agenda -

Paul's section:

Sosandar (LON:SOS) (I hold) a reassuring, in line with expectations update for the peak Q3 period (Oct-Dec 2021). Not cheap for a business that's still (slightly) loss-making, but it's the stellar organic growth (at high gross margins) that makes this share interesting.

M&c Saatchi (LON:SAA) - announces it's now in takeover talks with Vin Murria (a recent major shareholder & Director).

Ten Entertainment (LON:TEG) - FY 12/2021 has ended at the top end of market expectations (not specified). Thankfully the vagueness of the trading update is made up for by Liberum's…

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