Blackfinch Spring VCT PLC has provided a weekly market update, summarizing global events. In the UK, the Nationwide House Price Index showed a 5.3% year-on-year decrease in September, slightly better than expected. The S&P Global/CIPS Manufacturing PMI remained at 44.3 in September, indicating ongoing market uncertainty and weak conditions in overseas markets. The UK Construction PMI dropped to 45.0, the first contraction in output since June, primarily due to reductions in house building projects amid rising borrowing costs and weak demand conditions.
In North America, the Job Openings and Labor Turnover Survey (JOLTS) report showed a larger-than-expected number of job openings in September, indicating strength in the labor market. The S&P Global US Composite PMI stood at 50.2 in September, indicating broadly unchanged business activity across the private sector. Input costs and output charges increased at faster rates than in August, driven by rising material and transportation costs. The number of Americans filing for unemployment benefits edged higher to 207k for the week ending September 30th, remaining close to a seven-month low. US non-farm payrolls increased by 336k in September, the strongest job gain in eight months.
In Europe, the seasonally-adjusted unemployment rate for the euro area fell to a record low of 6.4% in August. Euro area retail sales fell 1.2% month-over-month in August, marking the 11th consecutive month of contraction.
In China, the Caixin China General Service PMI dropped to 50.2 in September, indicating the softest increase in services activity since the start of the year. Employment increased for the eighth consecutive month, but at a slower rate. Input cost inflation slowed to a nine-month low, while cost inflation accelerated to a three-month high.
Overall, the market update provides a snapshot of the current economic conditions in various regions, highlighting trends and indicators that may impact investment decisions.