Knight Frank Daily Update Tuesday 9th June
US shares turn green, UK shoppers return and the search for a second home in Provence
2 minutes to read
Good morning,
Need to know
US stocks yesterday surged past the pre-crisis levels of late 2019 on hopes the recovery may progress more swiftly than previously thought. The S&P 500 has climbed during nine of the past eleven trading sessions, rising 47% since the trough on March 23rd.
Prime Minister Boris Johnson will meet with ministers today to set out plans for easing the UK’s lockdown after officials reported 55 fatalities yesterday, the lowest number since March 22nd.
The British Retail Consortium said total retail spending at its members - mostly large chains - was 5.9% lower than a year earlier in May, compared with a record 19.1% drop in April, when almost all non-essential stores were closed.
The NHS smartphone app designed to track and reduce the spread of Covid-19 will be ready for launch in time for the next lifting of lockdown restrictions at the start of next month.
Data and minutes of key meetings among officials are set to be released over the course of this week that will provide more details as to the scope of inactivity during lockdowns and the outlook for global economies during the months ahead.
Important decision points this week include the next Federal Reserve policy decision and the OECD economic outlook on Wednesday and a meeting between Euro-area finance ministers to discuss the EU’s recovery package on Thursday.
On Friday the UK’s ONS will publish dire GDP numbers for April, though as Philip Aldrick notes in today's Times - life is changing so fast that six-week old data might as well be a cave painting.
The property market
Flora Harley's analysis of global real-time economic indicators reveals morning congestion levels across Shanghai, Sydney, Paris, Tokyo and Auckland increased more than 20% last week.
Restaurants globally have started the long journey back to normality, with bookings across major cities down 79% on pre-crisis levels last week, compared to 100% at the beginning of May. Germany is closest to last year’s norm, down only 24%.
In the latest agent's diary, Chris Druce probes why retail landlords are eyeing redevelopment to offset the shift to online shopping, and checks in on demand for second homes in Provence.
In our latest Intelligence Talks podcast, Anna Ward speaks to our country house experts on whether the recent increase in interest for country properties is merely a trend, or here to stay, plus the latest on how the market has fared in light of Covid-19.
If you have any questions, please contact me, or the team.