Blackfinch Spring VCT PLC has provided a weekly news update on global events. In the UK, the Bank of England's Monetary Policy Committee voted to hold interest rates at 5.25%, with three members in favor of raising rates to 5.5%. The Office for National Statistics reported a 0.3% contraction in GDP in October, and business output growth reached a six-month high in December. Consumer confidence in the UK increased slightly, and the value of outstanding mortgage balances with arrears rose by 44.0% compared to the previous year.
In North America, the US Consumer Prices Index indicated that inflation rose 3.1% in the year to November. US business activity growth increased in December, driven by new orders. The Producer Price Index for final demand rose by 0.9% in the year to November.
In Europe, the European Central Bank maintained interest rates at 4.5% for a third consecutive month. Eurozone flash PMIs worsened in December, with output falling at its fastest rate in 11 years.
In Asia, China's CPI inflation declined 0.5% on a monthly basis in November, the steepest fall since November 2020.
Overall, the news update provides a summary of economic indicators and trends in various regions, highlighting key developments in interest rates, GDP, inflation, and business activity.