Providing you with a short summary of events from around the world. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Blackfinch Group
Monday Market Update

The ever-changing world we live in reinforces the importance
of regular up-to-date communication. This weekly news update from our
multi-asset portfolio managers provides you with a summary of global events
 for your reference and to share with clients.

Issue 138 | 11th April, 2023 

UK COMMENTARY

  • The S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell to 47.9 in March, moving further into contraction territory following February’s reading of 49.3. The manufacturing sector has now been in contraction for eight consecutive months.
  • Data for the services sector was in line with expectations at 52.9, a marginal slowdown from 53.5 in February.
  • Research from KPMG showed more than half of all UK consumers had reduced their discretionary spending this year.
  • One voting member of the Bank of England’s Monetary Policy Committee (MPC), Silvana Tenreyro, suggested interest rates will require an “earlier and faster reversal” to stop inflation from falling well below its 2% target, and suggested the MPC had raised rates too high.

NORTH AMERICA COMMENTARY

  • The number of jobs openings in the US decreased to 9.9mn, down from 10.6mn in January, according to the Labor Department’s Job Openings and Labor Turnover Survey.
  • The latest US initial jobless claims were higher than expected, at 228k, with the previous week’s figure also being revised substantially upwards to 246k. Expectations had been for 200k.

EUROPE COMMENTARY

  • Industrial production in Germany rose more than expected in the first two months of the year, according to its federal statistics office.
  • A rate of 2% growth in German factory output in February was significantly above the 0.1% expected.

ASIA COMMENTARY

  • Manufacturing data in China fell below market expectations, with the Caixin Manufacturing PMI at 50.0, down from an eight-month high of 51.6 in February.
  • The service sector, however, was firmly in expansion territory at 57.8, the fastest rate in more than two years.

GLOBAL COMMENTARY

  • OPEC+ announced an unexpected cut in oil production of around 1.16mn barrels per day, on top of the 2mn barrel cut already announced.
  • The International Monetary Fund’s Kristalina Georgieva announced that global growth may remain at around 3% for the next five years, the lowest medium-term growth forecast since 1990.

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