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 107 | 30th August, 2022

UK COMMENTARY

  • Regulator Ofgem announced that from 1st October, the UK’s energy price cap for dual fuel will increase from £1,971 to £3,549 per year for an average British household. This represents an 80% increase.
  • Imports of goods into the UK from Russia shrank to just £33m in June, the lowest since records began in January 1997. This is a decrease of 96.6% compared with average monthly imports in the 12 months before Russia invaded Ukraine in February.
  • The closely-watched flash UK composite Purchasing Managers’ Index (PMI), which tracks the private sector economy, fell to an 18-month low of 50.9, down from July’s 52.1. Any reading below 50 shows a contraction.

NORTH AMERICA COMMENTARY

  • The final August reading of the University of Michigan's Consumer Sentiment Index rose from 51.5 in July to 58.2, a marked improvement from the initial August reading of 55.1.
  • The number of Americans filing new claims for jobless support fell to a one-month low of 243,000 for the week ending 21st August. This was less than analysts’ forecasts, and the previous week’s reading was also revised down from 250,000 to 245,000.
  • S&P Global’s Flash US PMI Composite Output survey, which measures output for the manufacturing and services sectors, was down from 47.7 in July to just 45.0 in August. This meant output across US companies fell in August at the fastest rate since May 2020.

EUROPE COMMENTARY

  • The Eurozone composite PMI fell from 49.9 in July to 49.2 in August. This marked the second consecutive monthly contraction, and the worst reading for economic activity since April 2021.
  • Manufacturing PMI for the Eurozone ticked up in August but remained deep in contraction territory at 46.5. New orders continue to fall and inventory build-up remains strong.
  • Services sector PMI for the Eurozone fell from 51.2 in July to 50.2 in August, below market expectations, as the post-pandemic rebound in consumer spending on services faded.

ASIA COMMENTARY

  • The au Jibun Bank Flash Japan Composite PMI, which measures activity across the manufacturing and services sectors, dropped to 48.9 in August, down from July’s final reading of 50.2. 

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