Jupiter's de Blonay: The financials phoenix is rising again

Like a phoenix rising from the ashes, the battered financials sector is back to delivering double-digit returns after having its wings severely clipped by the financial crisis.

In the 12 months to end October, the benchmark MSCI ACWi/Financials Index (Gross TR in GB) is up 13.2% compared to a gain of 15.9% for the S&P 500 and a rise of 6.7% for the FTSE 100. Helping drive these gains, a powerful revolution in the way payments are being made across the global economy. Rising credit card use, the growing dominance of e-commerce and the emergence of mobile payment technology are putting paid to the idea that cash is king. This global trend is a boon for credit card giants like Visa and MasterCard. Growth in these businesses is being underpinned by expanding con...