The information contained within the following news articles have been pre published. The articles were published on the dates indicated and the information contained within these issues include references to taxation, legislation, regulation and other issues or concerns that may no longer apply
As referred to last week we have no podcast this week and therefore I will provide the following as our market update.
We had mixed news again last week but here’s hoping that as we move into September the markets will return to more normal trading.
On the negative side of things we saw Japan being downgraded by Moody’s to Aa3, although this didn’t attract the same fuss as the American downgrade, I would suspect partly due to the Japanese politicians not behaving like they belong in a circus. Still with Japan their CPI (inflation) rose by 0.1%, although this is not necessarily seen as a bad thing as they have more concerns with deflation than anything else.
In the US we saw their new home sales fall to a 5 month low, similar to their existing home sales the week before. However, a glimmer of hope was that the average home price rose slightly perhaps hinting that prices are at least realistic.
China saw their output slowing but the good news is it wasn’t by as much as expected and we continue to expect growth in this area (maybe not just as good as previous years)
On the more positive side, we continue to see oil falling in the hope or expectation that Libya will soon resume oil output. The ECB are continuing to buy bonds to help with the European Sovereign debt issues that have plagued Greece and Italy. The UK saw very robust factory orders beating expectation and also an improvement in the UK mortgage approvals. Hopefully these UK mortgage approvals may eventually make their way to the Northern Ireland market.
Folks, that’s the market update for the week. Normal service should resume next week although I am in England on Monday so our podcast may only be available from Tuesday. Have a great week.