The latest weekly update from Blackfinch Spring VCT PLC provides a comprehensive overview of key economic indicators and events in the UK, North America, and Europe. In the UK, the Office for National Statistics reported that annual inflation remained at 2%, while retail sales contracted by 1.2% in June. Additionally, the UK government borrowed 14.5bn in June, and the interest payable on government debt dropped significantly. The job market showed signs of cooling, with wage growth slowing to a two-year low of 5.7%. The Great British Pound continued its climb, reaching a near-two-year high against the EUR.
In North America, US industrial production rose 0.6% in June, with manufacturing output driven by car and aerospace production. Retail sales remained unchanged in June, defying predictions for a decline. The update also highlighted two pivotal moments in US political history, including the attempted assassination of presidential candidate Donald Trump and President Joe Biden's announcement that he would not seek re-election in November.
In Europe, the European Central Bank kept its main interest rate unchanged at 3.75%, and annual CPI inflation in the eurozone dipped from 2.6% in May to 2.5% in June. The update also announced a 10 Minute Market Forecast webinar, providing insights and sound bites on global events in an easy-to-understand format. The webinar allows participants to ask questions in advance and hear directly from the investment team.
Overall, the update offers a comprehensive snapshot of key economic developments in major regions, providing valuable insights for informed conversations with clients.