Blackfinch Spring VCT PLC's latest advisory update provides a comprehensive overview of the global economic landscape. In the UK, the Office for National Statistics reported a faster-than-expected GDP growth of 0.7% in the first quarter of 2024, making the UK the fastest-growing G7 economy. Additionally, real household disposable income and the household savings ratio both saw positive growth, indicating a strengthening economy. However, the labor market showed signs of cooling, with a slowdown in job listings and a decline in retail sales volume.
In North America, the US Personal Consumption Expenditures Price index and the GDP growth rate indicated a cooling inflation and a modest increase in economic growth. However, contracts to buy previously-owned homes declined, potentially due to high mortgage rates and expensive homes. The US Conference Board's Consumer Confidence index also dropped, reflecting a deteriorating short-term outlook for income and business conditions.
In Europe, inflation figures for France, Italy, and Spain suggested a continued decrease, with core inflation remaining unchanged in all three countries. Meanwhile, in Asia, the Japanese yen weakened to a 38-year low against the US dollar, prompting pressure on Japan's authorities to intervene in foreign exchange markets.
Blackfinch Spring VCT PLC also offers a 10-minute market forecast webinar, providing insights and sound bites on global events in an easily digestible format. This resource allows for informed conversations with clients and ensures that advisors stay up-to-date with the latest economic developments.