Watson’s Weekly 16-03-2024

This is an amalgamation of the “best bits” of the daily weekday newsletter/blog woven together to form a concise and coherent view on the things that matter in the commercial and economic news of the week. 

THE COLOURED HIGHLIGHT REFERS TO THE EDITION WHERE THE STORY APPEARED IN WATSON’S DAILY. Clicking on the day will take you to the appropriate edition of Watson’s Daily.

IN BIG PICTURE NEWS...

This was the week that US inflation surprised, TikTok suffered a major setback and Xiaomi launched its first EV…

IN COMMODITIES NEWS…

IN ENERGY NEWS…

IN CRYPTO NEWS…

  • The FCA has now dropped its ban on crypto-backed securities and said that it “confirms it will accept applications for the admission of bitcoin and ethereum crypto exchange-traded notes in the second quarter of 2024”. Bitcoin’s price jumped by 5% on the news as this is clearly another sign of crypto inching ever-further towards the mainstream.

IN BUSINESS & EMPLOYMENT TRENDS NEWS...

IN BUSINESS TRENDS NEWS…

IN EMPLOYMENT TRENDS…

  • Japanese workers got their biggest pay rise since 1992 in the annual wage negotiations between companies and unions. This may put further pressure on the Bank of Japan to raise its interest rates out of negative territory!
  • The pace of UK wage growth is slowing down, according to a recent report by REC-KPMG. In particular, the rate of growth for starting salaries has fallen to its slowest pace in almost three years. More food for thought for the Bank of England as it considers what it’s next move will be regarding interest rates…

IN MEDIA NEWS...

IN CAR NEWS...

IN BATTERY NEWS…

IN EV NEWS…

IN FINANCIALS NEWS...

IN REAL ESTATE NEWS...

IN COMMERCIAL PROPERY NEWS…

  • There’s now more empty office space in New York than in London, according to data from CoStar, as working patterns continue to evolve. At the moment, 9.2% of London office space is now vacant (versus just over 5% pre-pandemic) whereas New York is now experiencing a rate of 14% (this was below 9% pre-pandemic) – and the gap is expected to get wider.
  • That being said, credit rating agency Moody’s said that it will be leaving Canary Wharf and heading to the City after it did a review last summer. This just adds to the talk of the ongoing Canary Wharf “exodus” (HSBC and Clifford Chance are also high profile tenants who are heading that way as well). The office vacancy rate in Canary Wharf now stands at 16% – its highest level for years.

IN RESIDENTIAL PROPERTY NEWS…

IN TECH NEWS...

IN RETAIL & LEISURE NEWS...

IN RETAIL…

IN LEISURE…

IN OTHER NEWS...

BANTER

My favourite video this week was the one with the amazingly athletic basketball referee! Incredible skills!!!