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BOV Market Watch - Week Ending 14th May 2021
14 May 2021
US inflation leaps the most in more than 12 years. Inflation in the US accelerated during April as consumer prices rose at their fastest pace in more than 12 years as the economic recovery kicked into gear and energy prices jumped higher, the Labour Department reported on Wednesday. The Consumer Price Index (CPI), which measures a basket of goods as well as energy and housing costs, rose to 4.2 percent in April from the same month last year. Economists had expected a 3.6 percent increase. Compare to the previous month, prices rose by 0.8 percent, blowing by expectations of a 0.2 percent rise. The increase in the annual headline CPI rate was the fastest since September 2008, while the monthly gain in core inflation was the largest since 1981. A separate report showed that producer prices spiked 6.2 percent for the 12 months ended in April, marking the largest increase since the data series began in 2010.

Eurozone industrial production rises less than expected in March. Eurozone industrial production rose much less than expected in March, with month-on-month growth hampered by a decline in the output of capital and durable consumer goods, data showed on Wednesday. The European Union’s statistics office Eurostat reported that industrial output in the 19 countries that share the euro rose by 0.1 percent month-on-month for a 10.9 percent year-on-year surge. Analysts had predicted a 0.7 percent monthly rise and a 11.6 percent annual gain. "The small rise in eurozone industrial production in March suggests that the region's manufacturing sector is still far from back to normal, as persistent supply shortages outweigh strengthening demand," Capital Economics economist Jessica Hinds said.

German investor morale surges as third Covid-19 wave recedes. Investor sentiment in Germany reached its highest level in more than two decades in May thanks to the tailing off of the third wave of the Covid-19 pandemic, a survey showed on Tuesday. The ZEW economic research institute said that its survey of investors’ economic sentiment surged to 84.4 points from 70.7 in the previous month. Economists had forecast a rise to 72.0. The survey results point to a significant upswing in Europe’s largest economy in the coming six months. "The economic outlook for the euro area and the United States has improved considerably as well" ZEW President Achim Wambach, said.

UK house price growth accelerates in April, survey shows. A monthly survey by the Royal Institution for Chartered Surveyors (RICS) said that a net balance of 75 percent of property professionals saw prices increasing rather than decreasing during April. The measure is at its highest level since 1988 and has now gone up for three successive months. It comes as separate house price indices show the market has been buoyed by the government’s extension of a stamp duty holiday announced last year. The latest report for RICS showed a measure of buyer demand, at 44 percent, continuing to pick up at similar levels to March. However, the level of fresh property listings was "not nearly enough to match the interest shown by potential buyers", the survey said. 

Malta industrial production declines further. Malta's industrial production fell further in March, figures from the National Statistics Office showed. Industrial production declined by a working-day adjusted 2.9 percent year-on-year in March, following a 11.8 percent decrease in February. Among the main industrial groups, consumer production decreased 1.0 percent annually in March. Output of intermediate goods and energy declined by 3.2 percent and 11.2 percent, respectively. Meanwhile, capital goods rose by one percent. On a month-on-month basis, industrial production rose a seasonally adjusted 2.0 percent in March, after a 4.1 percent fall in the prior month.
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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).