The latest issue of the Blackfinch Spring VCT PLC's weekly update provides a comprehensive overview of the global economic landscape. In the UK, house prices experienced a decline in April, attributed to the impact of borrowing costs on mortgage affordability. However, the services sector showed resilience, with a strong rise in activity, reaching an 11-month high, driven by an upturn in new orders.
In North America, US wage growth slowed in April, which is seen as positive news for the Federal Reserve in its efforts to combat inflation. Additionally, the non-farm payroll data revealed a notable decrease in job creation compared to the previous month. The manufacturing sector also contracted, indicating a slowdown from the previous month's performance.
In Europe, Eurozone inflation remained unchanged in April, with the consumer price index staying at 2.4% over the 12 months. However, the Eurozone's shallow recession officially ended, as the latest gross domestic product reading reported a 0.3% expansion in January-March.
On a global scale, the oil price experienced a significant weekly decline, providing relief to consumers and central bankers. This was attributed to easing tensions in the Middle East and uncertainty about energy demand.
The update also highlights the opportunity for an exceptional advisory experience for clients, offering various market update options, including live webinars presented by the investment team. This initiative aims to keep advisors informed and equipped for informed conversations with their clients.
Overall, the update from Blackfinch Spring VCT PLC offers a valuable insight into the recent economic developments across different regions, providing advisors with the necessary information to navigate and understand the current economic landscape.