{"id":6039,"date":"2022-06-29T08:00:58","date_gmt":"2022-06-29T07:00:58","guid":{"rendered":"https:\/\/sarasinandpartners.com\/row\/?p=6039"},"modified":"2022-06-28T12:09:59","modified_gmt":"2022-06-28T11:09:59","slug":"the-week-in-markets-29-june-2022","status":"publish","type":"post","link":"https:\/\/sarasinandpartners.com\/row\/think\/the-week-in-markets-29-june-2022\/","title":{"rendered":"The week in markets – 29 June 2022"},"content":{"rendered":"

Welcome to the weekly macroeconomic round-up, where we spotlight a few of the most significant events in the last few weeks.<\/h3>\n

UK inflation continues to climb but fails to surprise<\/strong><\/h3>\n

UK CPI rose again in May to 9.1% year-on-year, an increase of 0.1% from the previous month. Whilst the spike in inflation continues to weigh on consumer sentiment and is beginning to prompt industrial action, May\u2019s increase was widely expected.<\/p>\n

Rising food prices caused most of the upward pressure, adding around 0.2% to the overall figure, which has hit a 40-year-high.\u00a0The rise in headline inflation would have been more pronounced had it not been for a decline in computer games prices, which are notoriously volatile. As such, it seems that a broad-based spike in inflation will not be easing any time soon.<\/p>\n

Eurozone business managers survey hits lowest level since lockdown<\/strong><\/h3>\n

Eurozone business managers\u2019 confidence, as measured by the composite PMI survey, has fallen to its lowest level since February 2021, when much of the continent was in a lockdown. The June data came in at 51.9, down from 54.8 in May, and significantly lower than consensus estimates.<\/p>\n

The measure surveys business confidence in both the services and manufacturing sectors, with the latter being particularly weak. Much of the weakness was attributed to softening demand in new orders and exports, rather than the supply chain issues that plagued manufacturing at the start of this year.<\/p>\n

This data will add to concerns that post-lockdown recovery tailwinds are fading faster than expected and that headwinds in the form of a wider economic slowdown are on the horizon.<\/p>\n

Market review<\/strong><\/h3>\n

It was a much more positive week for equity markets, with the S&P 500 up 7.5% and the tech-heavy NASDAQ rising 7.5%. In what may be temporary - yet welcome - relief for consumers and businesses, the MSCI ACWI Energy index eased by 1.2%.<\/p>\n

Bond markets also finished the week in positive territory, with the BAMLK UK gilt market index up 1.6%.<\/p>\n

\n

Important information<\/strong><\/p>\n

All details in this article are provided for information purposes only and should not be misinterpreted as investment advice or taxation advice.<\/p>\n

Where the data in this article comes partially from third party sources the accuracy, completeness or correctness of the information contained in this publication is not guaranteed, and third-party data is provided without any warranties of any kind.\u00a0 Sarasin & Partners LLP shall have no liability in connection with third party data.<\/p>\n

\u00a9 2022 Sarasin & Partners LLP \u2013 all rights reserved.\u00a0 This article can only be distributed or reproduced with permission from Sarasin & Partners LLP. Please contact marketing@sarasin.co.uk.<\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome to the weekly macroeconomic round-up, where we spotlight a few of the most significant events in the last few weeks. UK inflation continues to climb but fails to surprise UK CPI rose again in May to 9.1% year-on-year, an increase of 0.1% from the previous month. Whilst the spike in inflation continues to weigh...<\/p>\n","protected":false},"author":73,"featured_media":12920,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"coauthors":[191],"class_list":["post-6039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"\nThe week in markets - 29 June 2022 - Sarasin & Partners Global<\/title>\n<meta name=\"description\" content=\"UK inflation continues to climb but fails to surprise. 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