June 16, 2024

Germany ‘likely in recession’ amid uncertainty over net zero targets

Thanks for joining us. To kick off the week, we have figures showing that the asking prices for homes has increased for the first time in six months in a sign of confidence returning to the property market.

Rightmove said the average price of a property listed on its website has increased by 0.1pc compared to the same month last year, which was the first annual increase since July.

5 things to start your day 

1) Currys draws takeover interest from Chinese giant | Prospect of bidding war emerges as JD.com enters talks with electricals retailer

2) Apple faces £430m EU fine in long-running row with Spotify | iPhone maker accused of using its App Store to drive up prices and block competition

3) Lockdown damage risks lasting for generations, warns World Bank | Children of those who missed out on school to be affected by ‘scars of pandemic’

4) John Lewis in fresh housing row over smoke vents in rental propertiesFirefighters warn designs for Bromley scheme risk hampering potential rescue efforts

5) The economic cost of our crumbling mental health has finally become clear | As the country plunges into recession, Britain’s long-term sickness crisis demands serious action

What happened overnight 

Shares were mostly higher in Asia after Chinese markets reopened Monday from a long Lunar New Year holiday.

Hong Kong’s Hang Seng fell 0.9pc to 16,192.24 on heavy selling of technology and property shares despite a flurry of announcements by Chinese state banks of plans for billions of dollars’ worth of loans for property projects.

Major developer Country Garden dropped 5.6pc and Sino-Ocean Group Holding plunged 6.5pc. China Vanke lost 4.6pc.

The Shanghai Composite index gained 0.8pc to 2,889.32.

Tokyo’s benchmark Nikkei index closed flat, as Nintendo shares tumbled after reports said its next console would be delayed.

The benchmark Nikkei 225 index edged down 16.86 points to end at 38,470.38, while the broader Topix index climbed 0.57 percent, or 14.96 points, to 2,639.69.

Nintendo’s shares sank 5.1pc following unconfirmed reports that the successor to the Switch console would not be delivered within this year.

Goldman Sachs said it expects the US stock market rally to surge even higher. In a note to clients, analysts forecast the S&P 500 would reach 5,200 by the end of 2024. 

This would mean growth of 3.9pc on top of Friday’s close, after it dipped 0.5pc following a fresh record high on Thursday.

A rise in the US producer price index on Friday triggered a small rise in Treasury yields, which climbed by seven basis points to 4.65pc. 

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