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 133 | 6th March, 2023 

UK COMMENTARY

  • The Society of Motor Manufacturers and Traders reported new car market growth of 25% in February on a year-on-year basis. Plug-in electric vehicles (EVs) accounted for one-quarter of the registrations, meaning almost half a million EVs are expected to be on the road by the end of 2023.
  • Signs of a turnaround in consumer confidence, helped by reduced political uncertainty and hopes that inflationary pressures would continue to ease in the months ahead, lifted the S&P Global/CIPS UK Services Purchasing Managers’ Index (PMI) survey to 53.5 in February, up from 48.7 in January.
  • The final reading for the S&P Global/CIPS UK Manufacturing PMI rose from 47.0 in January to 49.3 in February. Although this remains in contraction territory for the seventh successive month, it was a stark improvement and the best reading during that period.
  • The latest Bank of England figures showed sharp declines in mortgage approvals and lending in January, as the housing market continued to slow. Net mortgage approvals for house purchases decreased to 39.6k in January from 40.5k in December, which marked the fifth consecutive monthly decrease in mortgage approvals.

NORTH AMERICA COMMENTARY

  • Economic activity in the US manufacturing sector continued to contract in February, according to the Institute for Supply Management (ISM). It reported a weaker than expected US manufacturing PMI of  47.7 in February, up marginally from 47.4 in January, but worse than the 47.9 expected by analysts. Readings below 50 indicates contraction.
  • The US experienced a drop in vehicle sales in February, to 14.9mn annualised from 15.9mn. However, this reversed only part of the surge in January, and still leaves vehicle sales on track for a strong gain in the first quarter of 2023, supporting continued solid consumption growth.

EUROPE COMMENTARY

  • Consumer Price Index (CPI) inflation in the Euro-area inched lower to 8.5% in February, the lowest since last May, but was above market expectations of 8.2%, according to the preliminary estimate.
  • Unemployment in Germany fell by 9.9k to 1.32 million people in January. However, Germany’s seasonally-adjusted jobless rate stood at 5.5% in February, unchanged for a sixth consecutive month and in line with market expectations.
  • The final reading for the Eurozone manufacturing PMI from S&P Global was 48.5. However, the output sub-index improved and rose to 50.1, a nine-month high indicating expansion.

GLOBAL COMMENTARY

  • The Food and Agriculture Organization’s price index averaged 129.8 points in February, down from 130.6 for January. This was the 11th consecutive monthly decline in pricing and the lowest reading since September 2021.

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