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 118 | 14th November, 2022

UK COMMENTARY

  • UK GDP fell 0.2% in the third quarter according to initial estimates from the Office for National Statistics (ONS). This was better than the -0.5% forecast by economists.
  • October saw the fastest fall in UK house prices since early last year, retreating by 0.4% according to figures from Halifax.
  • Data from the Organisation for Economic Co-operation and Development (OECD) suggested Britain was suffering the worst cost of living crisis among G7 nations, with real household incomes per head falling by 3.5% between the end of 2019 and the second quarter of 2022.
  • The latest data from the British Retail Consortium showed UK retail sales growth slowed to 1.2% year-on-year in October, against 1.8% in September.
  • Andrew Bailey, Governor of the Bank of England, said that bringing inflation under control was likely to take between 18 months and two years.

NORTH AMERICA COMMENTARY

  • US inflation was weaker than expected in October. The consumer price index rose 7.7% year-on-year, compared to expectations of 7.9%. Core inflation, which excludes food and energy, was 0.2% below forecasts at 6.3%.
  • The US mid-term election results saw the Democrats retain control of the Senate, while it appeared likely the Republicans would gain enough seats to  control of the House of Representatives for the second half of Biden’s term. 

EUROPE COMMENTARY

  • Data from Eurostat showed retail sales in the Eurozone rose in September, the first monthly rise for the first time since May. Sales increased by 0.4% from August, although were down 0.6% from a year ago.
  • The European Commission (EC) revised its Eurozone growth forecast for this year from 2.7% in July to 3.2%. The EC also downgraded its outlook for 2023, citing the impact of the ongoing war in Ukraine.

ASIA COMMENTARY

  • China relaxed its quarantine rules for international travel from 10 days to eight, confirming rumours officials may be looking to reduce some of the country’s strict COVID-19 measures.

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