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 122 | 12th December, 2022 

If you would like to talk to us about anything that you read below, feel free to get in touch with the team:

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UK COMMENTARY

  • UK house prices fell by 2.3% in November, according to mortgage lender Halifax. This was the largest monthly fall since the beginning of the Global Financial Crisis in 2008.
  • November’s decline was the third negative month in a row. It means the average house price last month was £285,579, down from £292,406 in October. Meanwhile, the annual rate of house price growth slowed to 4.7%, down from 8.2% in October. The rate of annual growth slowed in all areas of England, apart from the north east, with a similar slowing trend in Northern Ireland, Scotland and Wales.
  • The Treasury announced reforms to the financial services industry, which it says will progress its ambition for the UK to be “the world’s most innovative and competitive global financial centre.”
  • Bloomberg reported that pubs and restaurants have suffered a collapse in Christmas party bookings due to the increase in UK rail strikes. Trade body UKHospitality said businesses were reporting cancellation rates of as much as 30%, which could create a £1.5 billion hole in revenues.
  • Data firm S&P Global reported that UK construction companies experienced a renewed slowdown in business activity growth during November, due to higher borrowing costs and worries about the economic outlook. The S&P Global/CIPS UK Construction Purchasing Managers’ Index (PMI) fell from 53.2 in October to 50.4 in November, close to the 50-point mark which represents stagnant growth.
  • Sales of new cars grew in November for the fourth month running, with electric vehicles accounting for one-fifth of the total. The trade body Society of Motor Manufacturers and Traders reported that sales for November were 23.5% higher than the same period year, and while overall annual figures to date remain marginally below 2021 levels, industry leaders said it showed “recovery was within their grasp”.

NORTH AMERICA COMMENTARY

  • US service sector companies reported a sharp fall in new orders in November, due to weak demand from domestic and foreign clients. This pushed the S&P Global US Services PMI Business Activity Index down from 47.8 in October to 46.2 in November, suggesting a sharp drop in activity.

EUROPE COMMENTARY

  • German factory orders rose 0.8% in October, according to Destatis, Germany’s Federal statistics office. The increase was driven by higher demand for heavy duty machinery and equipment. Capital goods orders jumped 3.2% in October, despite the impact of higher energy costs hitting the Eurozone economy.
  • Economic output across the Eurozone contracted in November for the fifth consecutive month, according to the latest S&P Global Eurozone Services PMI survey data. The  November reading fell from October’s 48.6 to 48.5, a 21-month low. Job creation in the Eurozone was also at its weakest in almost two years. 

EMERGING MARKETS

  • Taiwan’s exports fell for the third straight month in November, and more sharply than forecast, as demand was hit by the slowing global economy and China’s COVID-19 curbs. According to its ministry of finance, exports dropped 13.1% by value last month from a year earlier to $36.1bn, the lowest figure in 19 months and the sharpest fall in almost seven years.
  • Official data revealed China’s exports contracted 8.7% in November compared to a year earlier, while imports tumbled 10.6%. This was China’s biggest slump in exports and imports in at least two-and-a half years.

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