Market Talk – Monday, March 29

EUROPE/EMEA:

The Bank of England (BofE) is demanding that lenders seek its approval before relocating UK jobs or operations, according to a report in the Financial Times. The move comes after the BoE became concerned that European regulators are asking for more to move than is necessary for financial stability post-Brexit. This comes alongside the prospect of an estimated 500 UK citizens forced to leave Spain by its authorities for not having the correct residency paperwork. Under the post-Brexit regulations, British ex-pats must register for residency by the March 31 deadline or they will be classed as illegal immigrants. Ex-pats must prove that they lived in Spain legally prior to December 31, 2020.

A new report from The Centre for Economics and Business Research (CEBR) has estimated the global pandemic cost the UK economy well over £200 billion over the last year. The analysis released by the independent research agency suggests that London was hardest hit in absolute terms, however, the impact of the crisis was worst felt in the West Midlands and East of England, due to the regions’ dependence on wholesale and retail trade. According to that calculation, the UK economy missed out on £251 billion in gross value added (GVA) than estimated.

The major Europe stock markets had a mixed day:

  • CAC 40 increased 26.70 points or 0.45% to 6,015.51
  • FTSE 100 decreased 4.42 points or -0.07% to 6,736.17
  • DAX 30 increased 68.78 points or 0.47% to 14,817.72

The major Europe currency markets had a negative day today:

  • EURUSD decreased 0.00196 or -0.17% to 1.17750
  • GBPUSD decreased 0.00191 or -0.14% to 1.37719
  • USDCHF decreased 0.0016 or -0.17% to 0.93796

Some economic news from Europe today:

UK:

BoE Consumer Credit (Feb) increased from -2.392B to -1.246B

M4 Money Supply (MoM) (Feb) increased from 0.7% to 0.8%

Mortgage Approvals (Feb) decreased from 98.99K to 87.70K

Mortgage Lending (Feb) increased from 5.17B to 6.20B

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