Good afternoon, it is March 15th 2021 and here is your economic and market update from BlackBee.
- EY DKM report on the Construction Sector.
- EU and UK deepen their split following Brexit.
According to a report carried out by EY DKM on behalf of the Construction Industry Federation showed that the initial shutdown of the construction sector for seven weeks at the start of the pandemic knocked €2bn (7.3%) off construction output last year. The report estimates that the contraction this year will be in the region of €3bn – on the housing front this translates into an estimated decline close to 5,000 housing completions in 2021 resulting in the total being 16,000 in comparison to 20,676 in 2020. This assumes the partial shutdown of construction ends on 5th April.
As the EU and UK deepen their split following Brexit, approximately €100bn of Irish securities moved from London to Brussels over the weekend. Fifty companies listed on the Irish Stock Exchange moved their holdings from the securities depository of the London operation of Euroclear to its Belgium based unit. Unique among EU countries, Ireland does not have its own securities depository and its stock exchange has historically used the UK registration system called Crest. More than €8bn a day of EU share trading has already moved from London to the EU. (Source: Irish Times)
Best & Worst Performers of Large Cap US Stocks on Friday
Click image to enlarge
Global Market Update
(as at close of markets 12/03/2021)