In the UK, the price of a typical home dropped 4.6% in the year to the end of August, falling to levels not seen since early 2022. However, average house prices are still £40,000 above pre-pandemic levels. The Society of Motor Manufacturers and Traders reported that 85,657 new vehicles were registered in August, marking the 13th consecutive rise in monthly sales, but sales are still 7.5% below pre-pandemic levels.
In the US, the Labor Department reported 216,000 initial claims for unemployment benefits for the week ending September 2nd, a 13,000 fall on the previous week and a low level in historic terms. The Federal Reserve reported that consumer credit growth slowed in July to 4.9%, down from June's figure of 5.3%.
In the Eurozone, gross domestic product (GDP) growth for Q2 was downgraded from 0.3% to 0.1%. Manufacturing orders in Germany declined 11.7% month-on-month in July, a bigger fall than expected. Annual inflation in Turkey surged to 58.9% in August, up from 48% in the year to July.
In Asia, recent data from China showed headline inflation returned to positive territory in August with a reading of 0.1% year-on-year.
Globally, Brent crude oil hit $90.40 per barrel, its highest level of the year so far, after Saudi Arabia and Russia extended their voluntary production cuts until December. This price level could raise concerns for central bankers as they continue to battle inflation.
Please note that the information provided is a summary of global events and does not necessarily reflect the views or opinions of Blackfinch.