Good afternoon, it is November 3rd 2020 and here is your economic and market update from BlackBee.
- Foreign Investment in Dublin Private Rental Scheme
- Eurozone growth forecasts for Q4 2020 revised downwards.
The financial backer of a number of proposed co-living and apartment projects in Dublin has emerged as a subsidiary of a quoted Singaporean pawnbroker and second-hand jewellery retailer. Reported by the Times, a charge over lands owned by Asia Atlantic Investments (AAI) has been registered by Maxi-Cash Capital Management Pte. Trinity House Investments (THI), a London based property investment company manages AAI. Former Kenilworth Motors site in Terenure is the land secured with AAI Kenilworth having already lodged plans to redevelop the site into shared living space. THI acquired the site in 2018 when it was put on the market for €3.5m. A five storey building compromising of 147 single bedrooms and 27 double rooms, accommodating 201 people has been planned for the site. Sites in Finglas, Mulhuddart and Walkinstown have also been acquired by AAI as it plans to develop approximately 1,500 new units compromising of 1,000 private rental scheme units and 500 co-living apartments at the sites pending planning permission. (Source: The Times).
GDP in the Eurozone climbed 12.7% in the third quarter of 2020 showing a rebound in economic activity. However, despite this climb, which also beat economist estimates, the output levels remain some way below levels seen pre-pandemic. It is the fastest rate of expansion on records that started in 1995. Eurozone GDP remains 4.3% below levels seen at the end of last year. In contrast, US GDP is just 3.5% below pre-pandemic levels. However, with new lockdown measures in place GDP is expected to shrink further in the Eurozone and there have been cuts to economic growth forecasts with a survey of economists by the Financial Times expecting the eurozone economy to shrink by 2.3% in Q4. (Source: Financial Times).
Best & Worst Performers of Large Cap US Stocks on Monday
Click image to enlarge
Global Market Update
(as at close of markets 2/11/2020)