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 131 | 20th February, 2023 

UK COMMENTARY

  • UK inflation as measured by the consumer prices index (CPI)reduced to an annual rate of 10.1% in January, according to the Office for National Statistics (ONS). The reported easing in inflationary pressures was largely a result of falling energy prices across the globe.
  • Rightmove reported that house sales from UK first-time buyers were relatively robust when compared to data from 2019, holding up most strongly in the first half of February, and were only 7% lower than in 2019 – while the wider market was 11% lower than three years ago.
  • The ONS reported that UK retail sales rose by 0.5% in January 2023, as shopping recovered from December’s 1.2% fall in activity. On an annual basis, retail sales volumes were down 5.7% in the three months to January 2023, as the cost of living crisis continued to impact consumer spending.
  • House prices in the UK rose by 9.8% year-on-year in December 2022, compared with the same month in 2021, according to figures from the ONS’ house price index. This was lower than the revised 10.6% growth figure seen in November.
  • The average price of a home in the UK was £294,000 in December 2022, according to the ONS. This figure was £26,000 higher than 12 months earlier, but slightly below the record high of £296,000 recorded in November. As a result, this was the first time in more than a year that official data showed a contraction in house prices.

NORTH AMERICA COMMENTARY

  • US CPI inflation continued to trend downward trend in January, to an annual rate of 6.4%, according to figures from the Bureau of Labor Statistics.
  • The Bureau also reported that the Producer Price Index (PPI) for final demand rose 0.7% in January. On an annual basis, producer prices jumped by 6% in the year to January. Economists had expected it would fall to 5.4%, from 6.5% in the year to December.
  • US retail sales surged past economists’ expectations, showing an expansion of 3% in January, much faster than the 1.8% average growth forecast.

EUROPE COMMENTARY

  • European benchmark contracts for gas delivery next month dropped 5% on Friday 17th February, to a low of €48.90 per megawatt hour. This marked the lowest price in energy markets since the end of August 2021, and was largely be attributed to a cut in energy demand due to a milder-than-expected winter.

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