UK | London’s economy to grow
London’s business activity continued to improve in April, according to the IHS Markit Purchasing Manager’s Index (PMI), and business confidence was very strong. Separate survey data from ICAEW painted a similar period.
The Oxford Economics Normality Tracker shows a continued return towards normality for London in April and the first half of May, although at a pace
behind the average European city.
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- Spending in the construction industry fell in Q1 2021 compared to Q4 2020
- The financial services sector saw a decline in equity market activity in April and also a fall in lending to companies, but offset by strong growth
- On the labour market side, ONS data suggest that resident employment returned to growth in Q1
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Easing financial conditions offer CRE some respite
Our measure of financial conditions has become less restrictive in the US and started to loosen in the eurozone and the UK, reflecting investors' expectations that interest rates have peaked. This should aid the outlook for commercial real estate (CRE) on the margins, although the scale of past rate hikes, sluggish economies, and structural headwinds mean the sector still confronts challenging fundamentals.Find Out More