Weekly Market Insight

Latest Economic & Market Update 12th January 2021

12th January 2021

Good afternoon, it is January 12th 2021 and here is your economic and market update from BlackBee. 

Today’s focus:

  • Irish banks unite to challenge Revolut
  • Social Housing a 2020 “Winner” and activity forecasted to increase in 2021 – CBRE

Bank of Ireland, AIB, Permanent TSB and KBC Ireland have grouped together and created a joint venture “Syntech Payments” to address the threat of Fintech company Revolut. The Banking & Payments Federation Ireland confirmed that Syntech was connected to the plan multi-bank, instantaneous payment platform. The Competition and Consumer Protection Commission (CCPC) were notified by Syntech this week of the venture and is now under a preliminary competition rules assessment. Revolut has steadily gained 1.2 million users since it first became available in Ireland in and around 2016. Revolut has entered the mainstream spending of Irish personal finances with the Department of Finance now using the detailed spending data in economic trend reports (Source: Irish Times)

CBRE’s 2021 Outlook report predicts a bright future for investment in social housing units in Ireland this year following the subsector’s strong performance last year. Described alongside subsectors multifamily, industrial & logistics and datacentres as 2020’s “winners”, the appetite to invest in social housing since the second half of 2020 was “enormous”. CBRE believe that as more as more homes get built, the market should see increased activity from lenders who are there to support the large amounts of equity, focused on building scale in this quickly emerging investment class. BlackBee is committed to address the supply and demand social housing imbalance in both rural and urban areas across Ireland. By targeting long term government leases, the strategy will both address a significant crisis in Irish society as well as securing stabling income stream for investors.

Best & Worst Performers of Large Cap US Stocks on Monday
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Global Market Update
(as at close of markets 11/01/2021)