Good morning, it's Paul here. You have my undivided attention today. Many thanks to Jack for covering yesterday.

Here's the placeholder for Tuesday. Please see the header for the first batch of 4 companies that I'll be reviewing, which have all issued trading updates this morning.

Estimated time of completion - should all be done by 1pm, as I've started at 7am.
Update at 13:34 - most sections are done now, but I'll spend a bit more time on things, hence 3pm finish now.
Update at 14:51 - today's report is now finished.


Covid - as usual, I'm monitoring the media for latest developments, as I'm sure many of you are. Two recent reports in particular have concerned me;

1. A King's College London study has shown that immunity may only last a few months, for people who recover from covid. Specifically, antibodies peaked 3 weeks after symptoms appeared, then rapidly reduced in the following 3 months. This raises the horrible prospect of people possibly being re-infected. This study has not yet been peer reviewed. Researchers in Munich came to a similar conclusion apparently. If these studies are confirmed, then it sounds very bad news to me.

2. The rapid spread in some southern states in the USA led to some lockdown restrictions being re-imposed yesterday, and hospitality sector being closed down again. I feel US markets are being incredibly complacent about covid, and seem to think bringing in a vaccine and eradicating it is a given. Hence the V-shaped recovery in stock markets. Now that lockdowns are returning, at least in some states (e.g. Texas, Florida & California), then it raises the spectre that this thing could be around for some time and further disrupting the economy. That is not compatible with the huge stock market rebound, in my view.

Hence I'm leaning more towards the bearish side of things over the summer. We're overdue a correction I reckon - especially for the pockets of euphoria around tech in particular, and ludicrous momentum trades like Tesla (I'm short again, couldn't resist it).


Brand Architekts (LON:BAR)

Share price: 112.5p (before market open)
No. shares: 17.23m
Market cap: £19.4m

(I'm long)

Trading Update and Board Succession

Brand Architekts, the personal care and beauty products group with its own portfolio of brands, announces an update on trading for the 52 weeks to 27…

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