🚀 Travel spending higher than pre-pandemic

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Travel spending among American households remains robust, outpacing pre-pandemic levels, particularly fueled by international trips, according to Bank of America research. Although overall travel spending has dipped slightly from 2023, it is still 10.6% higher per household than in 2019. International travel, especially to Europe and Asia, has seen significant growth, driven by lower airfares and advantageous exchange rates. High-income households are leading this trend, with luxury travel options outperforming standard offerings. Meanwhile, cost-conscious travellers are adjusting by booking trips during off-peak times or planning further in advance.

2. The war in Ukraine has sparked a significant shift in how ESG fund managers view defence stocks, which were historically excluded due to ethical concerns about their association with warfare. With the rise in geopolitical risks and soaring industry profits, some managers now see these companies as essential for protecting free societies, leading to increased investments in firms like Saab and BAE Systems. However, this inclusion remains controversial as ethical debates continue to swirl around the role of defence in sustainable portfolios, leaving the investment community divided on whether these stocks truly align with ESG principles.

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4. Headlines

   1. Stocks were flat to open September, which has historically been one of the worst months for stocks. Over the last ten years, the S&P 500 has averaged a 2.3% decline in September.

   2. The UK has suspended some licenses limiting the export of arms to Israel.

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