PCY holds U.S. dollar-denominated sovereign bonds issued by emerging market governments. The interest payments those governments make flow through to PCY shareholders as monthly distributions.
Ongoing conflict in the Middle East continues to disrupt global markets and oil prices, adding a persistent layer of uncertainty for UK firms. This geopolitical instability is driving higher cost pressures and intensifying concerns around supply chains and energy security, all of which are critical factors in strategic business decision making.
The International Energy Agency (IEA) says it is the 'largest supply disruption in history'. With the disruption expected to have a lasting impact on prices, governments around the world have introduced measures to limit the impact on consumers and the economy.
The most senior officials from the US Federal Reserve, the European Central Bank, and the Bank of England are expected to take part in a desktop stress test to respond to another Lehman Brothers-style collapse.
By weaponising the Strait of Hormuz, Tehran has helped drive energy prices sharply higher, forced the International Monetary Fund to slash its forecasts for UK growth and, now, has pushed the British government into preparing for food shortages at home.
Gold spot prices reached $4,829 per troy ounce at the end of the week, marking a fourth consecutive weekly gain. COMEX futures closed at $4,879, up 1.48%, driven by Iran's Strait of Hormuz truce and U.S. dollar weakness.
