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 143 | 22nd May, 2023 

UK COMMENTARY

  • Underlying consumer confidence has continued to recover, with people growing less pessimistic over their personal finances and the economic outlook. GfK’s Consumer Confidence Index for May rose by three points to -27 – the fourth monthly increase in a row. Although still negative, this is a significant improvement compared to January’s figure of -45.
  • The Office for National Statistics reported a 136,000 fall in the number of payrolled employees between March and April – the first decline since February 2021. As a result, the UK’s unemployment rate increased to 3.9% from 3.8% in April.

NORTH AMERICA COMMENTARY

  • US consumer spending was reported lower than forecasted in April. US retail sales rose 0.4%, missing forecasts of a 0.8% rise, after a 0.7% drop in March. Online spending rose 1.2% month-on-month and was 0.9% higher at health and personal care stores.
  • Inflation in Canada increased for the first time in nearly 12 months. The Canadian Consumer Prices Index rose 4.4% in the year to April, up from 4.3% in the year to March, lifted by higher rent prices and mortgage interest costs.

EUROPE COMMENTARY

  • Eurozone inflation for April was confirmed at 7% year-on-year, according to Eurostat. This was a 0.1% uptick from March. Given the surge in energy prices this time last year, unfavourable base effects in energy prices were the primary reason for the increase, while core inflation – which strips out food and energy costs – eased slightly.
  • Eurostat reported Eurozone industrial production declined 4.1% month-on-month in March, to its lowest level since November 2021. The fall exceeded the consensus for a 2.5% contraction. Although the decline was worsened by a very large fall in volatile Irish industrial production, contractions were reported across three of the four largest Eurozone economies in March, signalling broad-based weakness across the bloc.

ASIA COMMENTARY

  • Japanese nominal goods exports rose 2.6% year-on-year in April, slowing from a 4.3% rise in March. Despite continued gains in the auto and shipping sectors, overall exports were weighed down by weak global economic momentum.

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