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 121 | 5th December, 2022 

If you would like to talk to us about anything that you read below, feel free to get in touch with the team:

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UK COMMENTARY

  • UK house prices fell at the fastest pace in almost two and a half years in November, as the disorder following September’s mini-budget hit the housing market. Average house prices fell 1.4% on a seasonally adjusted basis in November, according to Nationwide.
  • Soaring rents have made life unaffordable for private tenants across swathes of the UK, according to research from The Guardian. The analysis showed asking rents on new listings are up by almost a third since 2019, and some people are facing increases of up to 60%. Prices in 48 council areas are now classed by the Office for National Statistics (ONS) as unaffordable when compared with average wages.
  • The latest ‘business insights’ report from the ONS showed a third of UK businesses are suffering a shortage of workers. The ONS also reported 41% of companies experienced a rise in transportation costs in October. Input price inflation and energy prices remain the top two concerns reported by businesses, at 25% and 19%, respectively.

NORTH AMERICA COMMENTARY

  • The US Labor Department reported another strong month of jobs growth in November, after the US economy added 263,000. The unemployment rate remained at 3.7% month-on-month, close to a 50-year low.
  • Average hourly earnings grew 0.6% in November, beating expectations of 0.3% growth.
  • New claims for unemployment support fell in the week to 26th November, down from 241,000  in the previous week to 225,000 initial claims. However, the number of people receiving support for at least two weeks jumped by more than 110,000, to 1,337,838.

EUROPE COMMENTARY

  • Inflation across the Eurozone dropped to 10% in the year to November, according to estimate from statistics body Eurostat. This suggested the first drop in Eurozone inflation in 17 months, due mainly due to an easing in the energy crisis.
  • Ireland’s Central Statistics Office announced that gross domestic product (GDP) grew by 2.3% in the third quarter of the year. However, Ireland’s gross national product (GNP) – which strips out the profits made by multinationals and shows more domestic-focused activity – fell 2.2% in the quarter.
  • Eurozone manufacturing activity fell again in November, according to S&P Global’s purchasing managers index (PMI) survey. Manufacturing PMI was reported at 47.1, up from October’s 46.4, but still showing a contraction.

GLOBAL MARKETS

  • World food prices dipped again last month, thanks to a drop in the cost of meat, dairy, and cereal. The United Nation’s Food and Agriculture Organization’s Food Price Index slipped to 135.7 points in November, slightly lower than October’s 135.9 – the eighth monthly fall from March’s record high.
  • The World Trade Organisation (WTO) reported that global trade growth has slowed, as export orders weakened and demand for container shipments and air freight dropped. The WTO’s goods barometer sunk to 96.2 in November, down from 100.0, below its trend levels, in another signal that the global economy is weakening and demand for traded goods has cooled.

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