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 140 | 2nd May, 2023 

UK COMMENTARY

  • Average house prices rose 0.5% in April, following seven consecutive falls dating back to last September, according to Nationwide. The average house price of increased to £260,441, up from £257,122 in March.
  • The government’s Insolvency Service reported that 5,747 companies registered for insolvency in the first three months of 2023, 18% higher than the same period last year. This was largely attributed to companies grappling with rising borrowing costs and sharp inflation.
  • UK public sector net borrowing rose to £21.5 bn in March, the second-highest March borrowing since monthly records began in 1993, and £16.3bn more than in March 2022. Even though public sector receipts rose by 2.3% to £88.8bn (helped by rising tax receipts), this was offset by a 19.9% increase in public spending, to £110.3bn in March.
  • Food prices are still going up, according to Data firm Kantar. It reported consumers were still paying 17.3% more at UK supermarkets in April than in April 2022. While marginally lower than March’s 17.5% increase, lower grocery inflation doesn’t mean lower prices, it just means prices aren’t increasing as quickly.

NORTH AMERICA COMMENTARY

  • In the US, Gross Domestic Product (GDP) growth decelerated sharply in the first quarter of 2023 as the Federal Reserve continued to raise interest rates. The US Bureau of Economic reported that the US increased by an annualised growth rate of 1.1%, a fall from the 2.6% recorded in the fourth quarter of 2022. This was significantly below the 2% consensus expected by economists.
  • US durable goods orders jumped 3.2% in March from February, mainly attributed to Boeing’s 38 aircraft orders.
  • The advance estimate of the US international trade deficit in goods narrowed to $84.6bn in March from $92.0bn in February, according to the US Census Bureau, driven by a 2.9% rebound in exports.

EUROPE COMMENTARY

  • Eurozone GDP grew by a slower than expected 0.1% in first quarter of 2023, according to Eurostat, below economist expectations of 0.2% growth.
  • The composite Purchasing Managers’ Index (PMI) for the Eurozone rose 0.7 points to 54.4 in S&P Global’s flash April estimate, the sixth consecutive increase. Faster services sector growth drove the rebound, but the manufacturing PMI fell further into contractionary territory and now stands at the lowest level since May 2020. 

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