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 137 | 3rd April, 2023 

UK COMMENTARY

  • The Office for National Statistics reported UK gross domestic product (GDP) grew by 0.1% in the final three months of 2022, a slight upward revision from the earlier estimate of zero growth. It ensured the UK  economy avoided a ‘technical recession’ as measured by two consecutive quarters of negative GDP growth.
  • The price of an average property in the UK dropped 3.1% to £257,122 over the year to March 2023, as reported by Nationwide Building Society’s house price index. The number of mortgages approved for house purchases also  remained weak at 43,500 cases in February, almost 40% below the level a year ago.
  • The number of cars built in UK factories rose to 69,707 in February, which is approximately 8,000 more than this point last year, as reported by the Society of Motor Manufacturers and Traders.
  • UK households remain under pressure from soaring food prices, with annual food inflation hitting 15.0% in March, its highest level in at least 18 years. Supply-side issues have largely driven this increase, with shortages of fruit and vegetables causing the pain, according to the British Retail Consortium.

NORTH AMERICA COMMENTARY

  • US GDP rose at an annualised rate of 2.6% in the fourth quarter of 2022, according to the US Commerce Department. This was down from 2.7% estimated previously and was the equivalent of quarterly growth of 0.65%.
  • Approximately 198,000 ‘initial jobless claims were filed in the US last week, an increase of 7,000 on the previous week when 191,000 people filed unemployment insurance claims. This is a minor signal that the US jobs markets had cooled slightly, following the latest interest rate increase.
  • The University of Michigan’s Consumer Sentiment Index fell to 62.0 in March, down from February’s 67.0, and a sharper fall than analyst expectations. The 8% drop was largely attributed to gloomy prospects of a US recession and turmoil in the banking sector.

EUROPE COMMENTARY

  • The Eurozone’s annual inflation rate – as measured by the Consumer Price Index (CPI) – was reported at 6.9% in March, down from 8.5% in February according to Eurostat. However, core CPI, which excludes energy, food, alcohol and tobacco, rose by 5.7% over the last year, up from 5.6% in February, suggesting the fight against inflation isn’t over just yet.
  • More specifically, Europe’s largest economy Germany posted an annual inflation rate of 7.4% in March according to body Destatis. This was down from 8.7% in both January and February.

GLOBAL COMMENTARY

  • The cost of shipping goods around the world continued to fall, which should help push down inflation. Drewry’s composite World Container Index reported prices dropped by 2%, to $1,716.85 per 40ft container, which was 79% less than a year ago.

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