Providing you with a short summary of events from around the world. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Blackfinch Group
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 141 | 9th May, 2023 

UK COMMENTARY

  • The divergence in fortunes of the UK’s manufacturing and services sectors continued. The seasonally-adjusted S&P Global/CIPS UK manufacturing purchasing managers’ index (PMI) fell to a three-month low of 47.8 in April, whereas the services sector accelerated sharply to 55.9 from 52.9.
  • Data from the British Retail Consortium showed shop price inflation slowed marginally to 8.8% in April, from 8.9% in March.
  • The Federation of Small Businesses described its headline confidence measure as “lightly negative” at -2.8%. However, this was deemed a “significant upturn” from the reading of -45.8% recorded for Q4 2022.

NORTH AMERICA COMMENTARY

  • The US Federal Reserve (Fed) raised interest rates by 0.25% to a range of between 5% and 5.25%, in line with market expectations. The more noteworthy change was in the language used by the Fed which suggested this could be the last rise, for now at least.
  • The impending US debt ceiling default continued to cause concern, with Treasury Secretary Janet Yellen stating the US government would likely run out of funds necessary to meet its debt obligations in early June, should an agreement not be reached.
  • The US economy added more jobs than expected in April. Data from the Bureau of Labor Statistics showed non-farm payroll employment rose by 253k, while the unemployment rate fell to 3.4%.
  • Services sector strength continued, with the S&P Global Services Sector PMIs rising to 53.6 in April, from 52.6 in March.

EUROPE COMMENTARY

  • A flash inflation estimate from Eurostat suggested Eurozone inflation increased for the first time in six months in April, up from 6.9% to 7.0%.
  • There were no surprises from the ECB as it raised interest rates by 0.25%, meeting market expectations.
  • Factory orders in Germany fell 10.7% in March, a larger drop than many economists had forecast, according to data published by Destatis.

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