Abrdn announces new chief executive, as does Schroders

Stocks to watch

Abrdn has appointed its former finance head Jason Windsor as its new official chief executive, after he emerged as the “unanimous choice” to lead the investment company following the exit of Stephen Bird in May. Windsor has been serving as interim CEO over the past five months since the firm announced a strategic repositioning to a specialist asset manager and digitally focused wealth manager, which resulted in its former CEO stepping down after four years. “I am honoured to have been chosen to lead Abrdn,” Windsor said. “I see significant headroom in each of our three core businesses, with the potential to generate a step-change in performance for our clients and customers, and for our shareholders.”

Schroders announced the appointment of Richard Oldfield as group chief executive on Tuesday, effective 8 November, replacing Peter Harrison. The FTSE 100 company said Oldfield previously spent 30 years at PwC before joining Schroders as its chief financial officer. Since joining the firm, it said he had made an impact on capital management and introduced new initiatives like the company's first bond issue.

Newspaper round-up

Rachel Reeves is being urged by a left-of-centre think tank to announce changes to capital gains tax, inheritance tax and national insurance in next month’s budget that would raise more than £20bn a year for the Treasury. With the chancellor looking for ways to plug a £22bn hole that she has identified in the public finances, the Resolution Foundation said it was a time-honoured tradition that taxes were raised in the first budget after an election. – Guardian

Tuesday is the day water bills will start servicing debt and paying shareholders rather than fixing leaks and ending the sewage scandal, campaigners have said, dubbing it “cost of water privatisation day”. The public services campaign group We Own It has shared analysis from the University of Greenwich that reveals roughly 31% of money collected from water bills goes towards shareholders and paying off debts. Last financial year, an average of 11% of revenue was spent on dividends and 20% went towards servicing debts, while as of 10 September 31% of 2024 remains. – Guardian

iPhone users will be able to tell if they are losing their hearing after Apple launched a medical-grade audio test to its headphones. A software update to the company’s Airpods Pro wireless headphones will introduce a test measuring their decibel hearing levels. If the test determines that users are losing their hearing, the headphones will be able to function as a hearing aid, boosting voices in busy face-to-face conversations and phone calls. – Telegraph

Four million pensioners living alone are at risk of a council tax raid under Angela Rayner at the same time as they face losing winter fuel payments. Retirees make up around half of the 8.4m people who will be affected if the Housing Secretary abolishes a council tax break for one-person households, analysis shows. Ms Rayner, the Housing Secretary, this week refused to rule out scrapping the 25pc sole occupier discount, which cuts around £543 per year from the average Band D council tax bill in 2024-25. – Telegraph

Workers at an Audi factory in Brussels have stolen the keys to around 200 new cars at the plant in a show of anger at plans potentially to close the site. It is a further blow to Volkswagen, Audi’s parent company, which has announced that it is considering plant closures in Germany, and to the wider German automotive industry, for years renowned as the proud engine of the country’s economy and envied for possessing skilled engineers with an iron work ethic. – The Times

US close

Wall Street stocks closed higher on Monday as major indices tried to right the ship after a brutal first week of September trading.

At the close, the Dow Jones Industrial Average was up 1.20% at 40,829.59, while the S&P 500 advanced 1.16% to 5,471.05 and the Nasdaq Composite saw out the session 1.16% firmer at 16,884.60.

The Dow closed 484.18 points higher on Monday, erasing losses recorded in the previous session as market participants digested July's all-important nonfarm jobs report, which revealed nonfarm payrolls grew by just 142,000, missing the 161,000 gain expected by economists.

As far as the new week was concerned, investors will look ahead to two key inflation reports that could further influence the Federal Reserve's thinking ahead of its open market committee meeting later in the month, with August consumer and producer price reports slated for release on Wednesday and Thursday morning, respectively.

On the macro front for Monday, US wholesale inventories rose 0.2% month-on-month to $903.5bn in July, according to the Census Bureau, slightly below preliminary estimates for a 0.3% increase and following June's flat reading.