Knight Frank Daily Update Friday 29th May
Barbecues, business confidence and a deep dive into Asian property
2 minutes to read
Good morning,
Need to know
Friends and family will be able to meet outdoors in groups of six for socially distanced picnics and barbecues from Monday, provided they stay two metres apart, wash their hands and remain outside, Boris Johnson said yesterday.
The announcement came as business confidence fell to its lowest since the 2008 financial crisis in May, contrasting with other surveys which have shown a small improvement since the initial shock of the lockdown.
Shares in Asia dipped overnight along with US and European futures ahead of Donald Trump’s planned press conference to announce fresh steps on China. The UK pledged to extend visa rights for British National (Overseas) passport holders, opening the path to citizenship for more than 300,000 Hong Kong residents unless Beijing rows back from plans to impose national security laws on Hong Kong.
For the first time since the onset of the crisis, more Americans returned to work than lost their jobs, Department of Labor figures showed today.
France will relax travel restrictions inside the country and allow schools, cafés and restaurants to reopen from next week.
The property market
This morning, Justin Eng has the economic takeaways and property implications from China’s National People’s Congress, an annual gathering of the Communist Party of China in Beijing where a body of around 3,000 members vote on important pieces of legislation.
The major announcements focused on fiscal policy with the official budget deficit raised from 2.8% of GDP to 3.6%.
Anna Ward digs deeper into the wider Asia property market outlook in today’s new Intelligence Talks podcast, which features Nicholas Holt, Head of Asia Pacific Research; Emily Relf, Capital Markets Director; and Neil Brookes, Head of Capital Markets for Asia Pacific. They discuss core markets, defensive sectors and the winds of opportunity post-Covid. You can listen via Apple, Spotify and Acast.
The government has announced a £1 billion building safety fund to remove dangerous cladding from high rise buildings.
Finally, you can find a detailed overview of key economic, financial and property metrics, compiled by Head of UK Commercial Research Will Matthews, here.
If you have any questions, please contact me, or the team.