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 152 | 24th July, 2023 

UK COMMENTARY

  • The UK’s rate of inflation as measured by the Consumer Price Index (CPI) rose by 7.9% for the year to June, down from May’s reading of 8.7%, according to the Office for National Statistics (ONS). This was the lowest inflation reading since March 2022.

  • Core CPI inflation – which removes the more volatile energy, food, alcohol and tobacco components – rose by 6.9% in the 12 months to June, down from 7.1% in May (which was a 30-year high). Economists had expected core inflation would remain at 7.1%, which sent a more positive signal that inflationary pressures were slightly less ‘sticky’ than first thought.

  • The UK’s spending deficit fell unexpectedly by £400m in the last 12 months to June, aided by higher income tax revenues from the flurry of wage rises earlier in the year and a jump in VAT receipts. The public finances figure was still below the £22bn shortfall the City had forecast, according to the ONS.

  • The ONS reported that private rental prices paid by tenants in the UK increased by 5.1% in the 12 months to June, the largest annual percentage change since its data began in January 2016. In England, private rental prices rose 5.1% in the 12 months to June, or by 4.9% if excluding London (where prices rose 5.3%).

  • The UK Insolvency Service announced that over the three months to the end of June, 6,403 companies were declared insolvent. When confirmed, this will be the highest non-seasonally-adjusted calendar-quarter total since the first quarter of 2009.

NORTH AMERICA COMMENTARY

  • The US Federal Reserve (Fed) reported that US industrial production declined by 0.5% in June. This was the second consecutive monthly fall, with economists expecting output would be flat. The Fed reported manufacturing output dropped by 0.3% in June, while mining dropped by 0.2% and utilities declined 2.6%.

  • Sales of existing US homes fell 3.3% in June to a seasonally-adjusted annual rate of 4.16m, below analyst estimates and the consensus forecast of 4.20m. Sales were mixed across regions, constrained by higher mortgage rates, high prices and scarce inventory.

  • Initial US jobless claims fell 9,000 to 228,000 in the week ended 15th July, below analyst estimates of 235,000 and the consensus forecast of 240,000. This was their lowest level since mid-May as seasonal factors continued to push the headline figure lower.

EUROPE COMMENTARY

  • Eurozone CPI inflation was confirmed at 5.5% for the year to June, matching the initial ‘flash’ estimate, according to statistics body Eurostat. This was a slowdown from May’s 6.1% reading.

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