Good afternoon, it is March 8th 2021 and here is your economic and market update from BlackBee.
- Investor Morale Index in Eurozone at highest level in a year.
- European Commission approve €55m scheme to support tourism related companies in Ireland.
Driven by an improved view of the current situation, Sentix’s investor morale index in the eurozone jumped to its highest level in over a year in March. The index rose to 5 from -0.2 in February and is at the highest level since February 2020. An expectations index also climbed to 32.5 from 31.5 in February and the current situation index improved from -27.5 in February to -19.3 in March. In a statement, Sentix said that Global Vaccination campaigns are making good progress, raising hopes of effective protection. They also added that “those trends allow for a faster opening of the economy. That is what investors are betting on”. Sentix surveyed 1,218 investors from 4th March to 6th March for the survey. (Source: Sentix, RTÉ).
Due to the “serious disturbance” in the Irish economy as a result of the pandemic, the European Commission has approved a €55 million scheme to support Irish companies in the tourism sector. Under the scheme, measures can be adopted to support companies active in the tourism or directly related sectors that suffered from a reduction in turnover or profit. The support will not exceed €1.8 million per company and will be granted no later than 31st December 2021 with the objective of helping beneficiaries address any sudden liquidity shortages they are facing. The commission approved the measure under EU state aid state rules concluding that the measure is “necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a member state” (Source: Irish Times).
Best & Worst Performers of Large Cap US Stocks on Friday
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Global Market Update
(as at close of markets 05/03/2021)