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BOV Market Watch - Week ending 29th October 2021
29 Oct 2021

Eurozone banks set to tighten conditions for housing loans: ECB survey. Eurozone banks tightened access to mortgages in the three months to September and expect to continue doing so in the final quarter of the year, a European Central Bank (ECB) survey revealed on Tuesday. The survey also showed that in the fourth quarter, banks plan to tighten credit standards for loans to businesses and to ease criteria slightly for consumer credit. Lending standards for consumer credit and other lending to households remained broadly unchanged in the third quarter. Banks' overall terms agreed in loan contracts, eased slightly for loans to firms, while they tightened for housing loans and remained broadly unchanged for consumer credit in the third quarter.

German consumer confidence is expected to increase in November, defying inflation. Consumer sentiment in Germany is expected to improve in November, due to increasing propensity to consume and declining propensity to save, survey results from the market research group Gfk showed on Wednesday. GfK's forward-looking consumer sentiment index forecasts confidence among households rising to 0.9 in November from a revised reading of 0.4 in October. Economists forecasted a drop, expecting sentiment to decline to minus 0.3 point. With this second rise in a row, consumer sentiment is defying rising inflation, Rolf Bürkl, GfK consumer expert, said. The German citizens apparently expect further price increases. That is why they consider it advisable to make purchases in order to avoid even higher prices.

UK chancellor unveils £150 billion stimulus. UK Chancellor Rishi Sunak raised the public spending bill by a massive £150 billion in an effort to support a strong economic recovery after the crisis caused by the Covid-19 pandemic. That will be the largest spending increase this century, with spending growing by 3.8 percent a year in real terms by 2024-25, Sunak said in his autumn budget speech in the Parliament on Thursday. The chancellor said the latest budget began the work of preparing for a new economy post-pandemic. Headline inflation, which hit 3.1 percent in September, is set to rise further to average four percent over the next year, Sunak said, citing official forecasts. The chancellor blamed the global supply chain disruptions and surging energy prices for the higher inflation.

US consumer confidence rebounds in October after three straight declines. US consumer confidence unexpectedly rose in October as worries about rising inflation were offset by improving labour market prospects, suggesting economic growth was picking up after three consecutive months of declines. The Conference Board said on Tuesday that its consumer confidence index jumped to 113.8 in October from an upwardly revised 109.8 in September. The rebound surprised economists, who had expected the consumer confidence index to inch down to 109.0. "While short-term inflation concerns rose to a 13-year high, the impact on confidence was muted," said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.

China industrial profits rise 16.3 percent in September. Profits at China’s industrial firms rose by 16.3 percent in September year-on-year to 738.74 billion yuan, following a 10.1 percent rise in August, even as surging raw material prices and supply bottlenecks squeezed margins and weighed on factory activity.For the January-September period, industrial firms’ profits grew by 44.7 year-on-year, slowing from a 49.5% increase in the first eight months of 2021, the statistics bureau said on Wednesday. The overall annual increase was largely driven by mining industry, while power firms reported a decline in profits. The industrial profit data covers large firms with annual revenues of over 20 million yuan from their main operations. 

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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).