The latest news update from Blackfinch Spring VCT PLC provides a comprehensive summary of global events, focusing on the UK, North America, and Asia. In the UK, the Office for National Statistics reported a 1.3% month-on-month increase in retail sales volumes in November, driven by a jump in non-food store retailing attributed to earlier ‘Black Friday’ sales and wider discounting. However, Nationwide’s house price index reported a decline in UK house prices of 1.8% over 2023, with weak property market activity throughout the year. Additionally, UK housing market transactions cooled, with 80,780 residential transactions in the 12 months to November, 1% lower than in October.
Furthermore, the value of merger and acquisition activity with any UK involvement shrank by 33% in 2023 to $265.4bn, marking the lowest annual total since 2009. In North America, the US Department of Labor reported 218k initial claims for jobless support in the seven days to 23rd December, an increase of 12k on the previous week. However, declining fuel prices, rising equity valuations, and falling inflation lifted US consumer sentiment in December, with the University of Michigan's last Consumer Sentiment Index of the year revised slightly higher to 69.7.
In Asia, the National Bureau of Statistics in China reported a 29.5% year-on-year increase in industrial profits in November, up from October’s 2.7% expansion. This positive news from China helped push up metal prices, which also benefitted from a weaker US dollar. The news update also highlights additional market update options available, including a live webinar presented by the investment team, to provide an exceptional advisory experience for clients. The update concludes with regulatory information and contact details for Blackfinch Investments Limited.
Overall, the news update provides a detailed overview of key economic indicators and market trends in the UK, North America, and Asia, offering valuable insights for investors and financial professionals.