Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

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June 7, 2024

Bellway confirms improved housing market activity

Macro

China’s trade balance was stronger than expected, boosting hopes for a continued manufacturing recovery.

Meanwhile, Germany’s trade data was weaker than expected, prompting fears that yesterday’s ECB’s rate cut might prove insufficient.

We will get the US non-farm payrolls later. The market is expecting 150,000 new jobs. Investors could react positively to a weaker-than-expected number and an increased likelihood of a US rate cut.

UK Companies

Bellway has updated that trading through the spring selling season has strengthened, its reservation rate per outlet increased by 6.9%, and pricing has remained firm. It remains on track to deliver FY volume output of 7,500 homes with an average selling price anticipated to be around £305,000. It adds that it is well-positioned to return to growth in the financial year 2025.   

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