Irish Economy
Irish employment up another 1.9% to 2.61m in Q1 2023
Yesterday’s (May 24th) Labour Force Survey (LFS) showing employment up another 1.9% in Q1 2023 to 2.61m indicates that Ireland’s exceptional pace of job creation is showing little sign...
S&P upgrades Ireland’s sovereign rating to AA
As we had expected, on Friday (May 19th) S&P upgraded Ireland’s long-term sovereign rating to AA (from AA- previously) with a stable outlook. S&P highlighted Ireland’s resilient economic...
Inconclusive talks on US debt ceiling weigh on sentiment
Equity indices fell back on Tuesday, with sentiment hurt by inconclusive talks between President Joe Biden and House Speaker Kevin McCarthy on raising the US debt ceiling. Negotiations...
Irish government takes step closer to establishing sovereign wealth fund
The Irish government has taken a step closer to establishing a sovereign wealth fund in which to invest buoyant corporate tax revenues. A scoping paper published by the Department of...
Stubbornly high energy bills putting Irish households’ finances under pressure
The fact that Irish households’ retail electricity and natural gas bills have yet to decline since their peak in October will soon become a contentious political issue and is an upside risk...
Equity markets struggle for direction as rally in US regional banks fades
Equity markets closed up marginally on Monday as the rally in US regional banks petered out and the US Senior Loan Officer Survey weighed on sentiment. Overnight, Asian markets were...
Will rates stay higher for longer?
After last week’s comments from Jay Powell arguing against the possibility that the Fed could soon cut rates, this week’s focus will be on April’s US CPI inflation figures. Core inflation...
Irish Services PMI rises to 58.4
This morning’s Irish Services PMI at 58.4 in April signals a marked acceleration in growth, driven by a steep rise in new orders and faster than the expansion in the euro area (56.6)...
Markets may not be fully pricing in risk of 50bp ECB rate hike
Markets are fully pricing in a 25bp hike in the ECB’s deposit rate tomorrow (May 4th) but may not sufficiently appreciate the risk of an aggressive 50bp hike. Recent GDP data, PMI...
Irish mortgage lending still buoyant in early 2023
This morning’s Banking & Payments Federation Ireland (BPFI) data show mortgage drawdowns of €2.9bn in Q1 2023, up 14% on the year. Mortgage approvals for house purchase in March were...
