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 105 | 15th August, 2022

UK COMMENTARY

  • The Office for National Statistics (ONS) reported that UK gross domestic product (GDP) fell 0.1% in the three months from April to June 2022. This followed GDP growth of 0.8% in the first quarter of the year.

NORTH AMERICA COMMENTARY

  • The US producer price index (PPI), which measures the selling prices of goods leaving the factory gate, rose 9.8% year-on-year in July, according to the US Labor Department. This was below analyst estimates of a 10.4% increase, and was a decline from the June PPI reading of 11.3%.
  • US annual inflation, as measured by the Consumer Prices Index (CPI) was recorded at 8.5% in July, down from 9.1% in June. The cooldown reflected lower energy prices.
  • Core CPI inflation, which strips out more volatile energy and food costs, rose 5.9% annually and 0.3% monthly, compared with respective estimates of 6.1% and 0.5%.

EUROPE COMMENTARY

  • German CPI inflation eased from 7.6% in June to 7.5% in July, but remained high.
  • According to Germany’s Institute for Employment Research (IAB), the country’s price-adjusted GDP will be 1.7% lower in 2023 as a result of the Ukraine war and high energy prices. 
  • The IAB study also expects there will be 240,000 fewer people in employment. This fall is expected to persist until 2026 when expansive measures kick in, with the IAB predicting that by 2030, 60,000 more people will be employed than now.

ASIA COMMENTARY

  • In China, CPI rose an annual pace of 2.7% in July, rising at the fastest rate since July 2020. Food prices rose 6.3% compared with a 2.9% uptick in June. Pork prices jumped 20.2%, reversing a 6% decline in June as production slowed.
  • China’s PPI rose 4.2% year-on-year in July, down from 6.1% in June, according to the National Bureau of Statistics. This meant Chinese factory gate prices eased to a 17-month low, despite global cost pressures, as slower domestic construction weighed on demand for raw materials.
  • Exports from China rose 18% year-on-year in July, well above economist average expectations of a 14% increase.

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