Blackfinch Spring VCT PLC has provided a weekly market update, summarizing global events. In the UK, the economy returned to growth in August, with a 0.2% increase in gross domestic product (GDP). The services sector grew by 0.4%, but there was a contraction in the production and construction sectors. The average asking prices of homes increased by 0.5% in October, but the price of houses being sold declined by 0.8% in the past year. The number of companies falling into insolvency in England and Wales increased by 17% year-on-year in September.
In the US, inflation was higher than forecast in September, with the consumer prices index (CPI) increasing by 3.7% year-on-year. Core inflation, which excludes food, energy, and tobacco, rose 4.1% over the year. US consumer sentiment declined by approximately 7% in early October, primarily due to concerns over inflation and expected business conditions.
In the Eurozone, industrial production rose 0.6% month-on-month in August, but failed to recoup ground lost in July. Gas prices in Europe posted their largest weekly gain in 16 months, with a 37% surge in the benchmark month-ahead contract.
In India, inflation cooled more sharply than expected in September, with headline CPI inflation rising by 5.0% year-on-year, within the Reserve Bank of India's tolerance band. Price pressures eased across the board.
Overall, these updates provide insights into the economic performance and trends in various regions, highlighting factors such as GDP growth, inflation, and consumer sentiment.