Good afternoon, it is July 20th 2020 and here is your economic and market update from BlackBee.
> Commercial property sector ‘expected to rebound’ after Covid-19
> Euro hits 4 month high as EU leaders discuss €390bn coronavirus recovery fund
Ireland’s commercial real-estate sector will see a rebound in activity in the second half of this year provided the Covid-19 outbreak is brought under control within a reasonable time frame, according to CBRE. Recovery is expected to be led by the investment sector of the market, where there is “considerable investor equity in a position to deploy”. Some 6,000sq m of office space has been leased in the capital since the Covid-19 lockdown commenced. In a further encouraging sign, CBRE says that investor demand for Irish assets remains strong. “There is still considerable liquidity, meaning that when we are through this crisis and sales campaigns recommence, market activity is expected to rebound quickly in this particular sector of the market” according to CBRE
Monday morning marked the end of four-day marathon talks between EU leaders trying to strike a deal on Europe’s financial response to the coronavirus pandemic. As EU leaders edge closer to an agreement, the euro hit a four-month high against the dollar Increasing 0.3% to 1.146. The euro increased by 0.53% to 91.36 against sterling. The Eurostoxx index was also affected, opening 0.1% lower than the previous day.
European Council President Charles Michel suggested a figure of €390bn in grants for stricken countries. The leaders of Austria, Denmark, Sweden and The Netherlands proposed scaling back grants to €350bn while providing a further €350bn in loans to boost the recovery package to €700bn. The proposal received mixed responses from EU leaders, and talks are set to continue today.
Best & Worst Performers of Large Cap US Stocks on Friday
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Global Market Update
(as at close of markets 17/07/2020)