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BOV Market Watch - Week ending 23rd July 2021
23 Jul 2021

Eurozone banks see rise in loan demand in third quarter: ECB Survey. Eurozone banks expect demand for loans to firms and households to rise in the third quarter, the latest quarterly bank lending report by the European Central Bank showed on Tuesday. At the same time, banks foresee only a moderate tightening of credit standards or loan approval criteria, as both consumer and business confidence improve as economic activity gains traction. In the second quarter, banks reported a moderate increase demand for loans or drawing of credit lines by firms, the report showed.

Germany producer prices rise at fastest pace since 1982. Germany's producer prices increased at an annual growth rate of 8.5 percent in June over the same period last year, the Federal Statistical Office (Destatis) reported on Tuesday. This is the highest year-on-year increase since January 1982. Compared to May, producer prices rose by 1.3 percent in June. Excluding energy, producer prices advanced six percent in June from the same period last year. Energy prices climbed 16.9 percent year-on-year in June and were "mainly responsible" for the increase of producer prices, Destatis said. The year-on-year increase in energy prices was "mainly caused by a base effect resulting from the sharp drop in prices in spring 2020 in the course of the pandemic," Destatis noted, adding that the CO2 pricing on some energy products introduced in Germany in January "also had a great impact."

US leading economic index climbs less than expected in June. A measure of future US economic activity increased in June, raising hopes that the economy continued to recover from the recession induced by the Covid-19 pandemic. The Conference Board on Thursday said that its index of leading economic indicators (LEI) rose by 0.7 percent last month to 115.1, topping its previous high reached in May. That was just short of economists’ expectations of a 0.9 percent increase. “June’s gain in the US LEI was broad-based and, despite negative contributions from housing permits and average workweek, suggests that strong economic growth will continue in the near term,” said Ataman Ozyildirim, senior director of economic research at The Conference Board. The LEI’s coincident index, a measure of current economic conditions, rose by 0.4 percent in June after increasing 0.5 percent in May.

UK house prices at record high: Rightmove. House prices in Britain increased to a new record high for the fourth consecutive month in July, largely driven by the shortfall of property coming on the market, data from property website Rightmove said on Monday. House prices increased by 5.7 percent on a yearly basis in July, but slower than the 7.5 percent increase registered in June. On a month-on-month basis, house prices gained 0.7 percent, following a 0.8 percent rise in June. The latest monthly growth was the largest at this time of year since July 2007. Rightmove, which lists properties of 90 percent of estate agents, said that the first six months of the year had been the busiest it had recorded since 2000, pushing up the average price of homes coming on to the market in England, Wales and Scotland to £338,447 – an increase of £21,389, or 6.7 percent, since the beginning of 2021.

Australia business conditions at record high: NAB.  Australia's business conditions rose to a record high in the second quarter, while confidence eased slightly, survey data from the National Australia Bank showed on Thursday. The business conditions index rose strongly by 12 points to a record 32 points in the second quarter. Meanwhile, the business confidence index dropped to 17 from 19 in the preceding quarter. Business conditions were still in negative territory in the third quarter of 2020, and now, three quarters later, they were at a record high, a testament to how rapid the recovery has been from last year's recession, Alan Oster, NAB group chief economist, said.

 

 

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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).