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BOV Market Watch - Week ending 1st October 2021
01 Oct 2021
Eurozone economic sentiment rises unexpectedly in September. Eurozone economic confidence improved marginally in September, survey results from the European Commission showed on Wednesday. The Commission said that its economic sentiment indicator, an aggregate gauge of business and consumer confidence, rose to 117.8 in September from 117.6 in August. The result is above a consensus forecast by economists who expected the index to come in at 116.5. The stability of the indicator in September resulted from improving confidence in construction and among consumers, being offset by worsening confidence in services and retail trade, the European Commission said. “For now, data remain consistent with a decent pace of recovery,” said Davide Oneglia, an economist at TS Lombard, a research and macroeconomic forecasting consultancy.

UK economy grew faster than projected in second quarter. Britain's economy grew by more than previously thought in the April-June period, official data showed on Thursday, before what looks like a sharp slowdown more recently as bottlenecks in the economy, including a shortage of truck drivers, mount. Gross domestic product increased by 5.5 percent in the second quarter, the Office for National Statistics (ONS) said. That is an improvement on its preliminary estimate of growth of 4.8 percent and reverses the first quarter's 1.4 percent contraction.. The ONS said the data had been adjusted to take into account more complete data from the health sector as well as an update of its sources and methodology for calculating British economic output. Overall, while the upward revisions to GDP are clearly welcome, the second quarter was three months ago, and the recovery appears to have stagnated since, Ruth Gregory, an economist at Capital Economics, said.

US pending home sales jump to seven-month high in August. Contracts to buy existing homes in the US increased by 8.1 percent month to month in August, a seven-month high, according to the National Association of Realtors, as buyers encountered higher inventory and slightly more favourable prices. Analysts were expecting a one percent monthly rise. Signings were still down 8.3 percent compared with August 2020. August’s increase followed two months of declines, according to the NAR. Rising inventory and moderating price conditions are bringing buyers back to the market," said NAR's chief economist Lawrence Yun. "Affordability, however, remains challenging as home price gains are roughly three times wage growth."

China’s manufacturing contracted in September while services expand. China's manufacturing purchasing managers' index (PMI) unexpectedly contracted in September, hitting the lowest level since February 2020 against the backdrop of resurging the Covid-19 cases. At the same time, the non-manufacturing PMI climbed back to expansion territory with a reading of 53.2. Analysts said soaring energy and raw material prices have weighed on industrial production, while sectors less dependent on energy are likely to post further gains in the coming months boosted by consumption activity during the National Day holidays. Manufacturing PMI declined for the sixth consecutive month, reaching 49.6 in September, sliding 0.5 points from August and coming in 0.4 points below expectations, data from the National Bureau of Statistics (NBS) showed on Thursday.

India manufacturing activity rises at faster pace in September. India's manufacturing sector logged a faster growth rate in September, as companies benefited from strengthening demand conditions amid the easing of Covid-19 restrictions, survey results from IHS Markit show today. The manufacturing PMI rose to 53.7 in September from 52.3 in August. A reading above 50 indicates expansion. Underpinned by faster growth in new orders, manufacturers ramped up production in September. Data showed that global demand for Indian goods strengthened in September. To accommodate for rising sales and progress with production schedules, companies purchased additional raw materials.
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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).