The UK's Office for National Statistics reported a budget surplus of 16.7bn in January, the largest since records began in 1993, indicating a solid financial base ahead of the Spring Budget. Additionally, the UK's energy regulator, Ofgem, announced a 12% forecasted decrease in the average annual dual fuel energy bill from 1st April. However, consumer confidence declined in February due to economic uncertainty and the UK entering a technical recession.

In North America, jobless claims dropped to 201k, highlighting the continued strength of the US labor market. US companies reported a further expansion in activity in February, with service sector growth easing slightly. In Europe, the European Central Bank kept its key deposit rate at 4% for the fourth consecutive meeting, cautioning against cutting rates too prematurely. European gas prices fell to their lowest levels since spring 2021 due to a warmer-than-usual winter and higher gas storage.

In Asia, China reported encouraging economic data, with revenue from tourism during the Lunar New Year holiday surging by 47.3% year-on-year and surpassing 2019 levels. However, foreign direct investment into China increased by the lowest amount since the early 1990s, with Chinas direct investment liabilities rising by $33bn in 2023, down 81.7% from 2022.

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