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28 JULY 2022 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES APS 86,500 56,756.13 8 0.665 0.650 0.660 0.665 0.005 BMIT 150,000 70,500.00 5 0.470 0.470 0.470 0.470 0.000 IHI 80,000 54,250.00 3 0.680 0.670 0.680 0.670 0.010 MIA 2,900 17,275.00 3 6.000 5.950 5.950 6.000 0.050 MMS 5,000 9,000.00 1 1.800 1.800 1.800 1.800 -0.010 SFC 2,700 20,250.00 2 7.500 7.500 7.500 7.500 0.300 GOVERNMENT STOCKS G29B 453,000 457,983.00 2 101.100 101.100 101.100 101.100 1.060 G30A 2,200 2,666.62 1 121.210 121.210 121.210 121.210 0.730 G39A 5,000 4,500.00 1 90.000 90.000 90.000 90.000 0.000 CORPORATE BONDS AX32A 10,000 10,048.00 2 100.480 100.480 100.480 100.480 0.480 DN33A 20,500 21,236.02 5 103.600 103.490 103.490 103.600 0.600 FR32A 20,000 20,000.00 2 100.000 100.000 100.000 100.000 0.000 GH27A 60,000 60,900.00 2 101.500 101.500 101.500 101.500 0.500 GO31A 35,600 35,742.40 4 100.400 100.400 100.400 100.400 0.000 HF27A 6,000 6,060.00 1 101.000 101.000 101.000 101.000 0.500 HF29A 10,000 9,850.00 1 98.500 98.500 98.500 98.500 1.490 IH26A 3,700 3,718.50 1 100.500 100.500 100.500 100.500 0.500 MR26A 1,000 1,000.00 1 100.000 100.000 100.000 100.000 -1.400 MY32A 72,900 74,505.20 3 102.400 101.950 101.950 102.400 0.400 ON34A 3,100 3,158.90 1 101.900 101.900 101.900 101.900 -0.100 PC26A 8,000 8,080.00 2 101.000 101.000 101.000 101.000 -0.490 SA32A 400 409.96 4 102.490 102.490 102.490 102.490 0.000 SH32A 9,000 8,820.00 2 98.000 98.000 98.000 98.000 2.000 SM31A 17,200 17,720.00 5 104.000 103.000 103.000 104.000 1.000 ST29A 10,000 10,100.00 1 101.000 101.000 101.000 101.000 0.990 TI24A 500 503.00 1 100.600 100.600 100.600 100.600 -1.400 VR27A 12,600 12,705.50 3 100.990 100.250 100.250 100.990 0.990 Malta Stock Exchange Regulated Main Market Trading Date: 27 July 2022 Global economic recovery slows as risks bite in 2022 THE global economic recovery is slowing as elevated commod- ity prices, weakened economic sentiment and rapid tightening of global rates take their toll. Earli- er in July, Scope Ratings revised down its global growth forecast for this year to 3.1% from 4.5% in December. Growth will pick up slightly to around 3.6% in 2023, although the risk outlook skews to the downside. According to this forecast, ag- gregate growth in the euro area will be 2.8% for 2022, down from the 4.4% forecast at the start of 2022, before normalising to 1.8% in 2023, nearer to Scope's esti- mate of the potential rate of eco- nomic growth. e UK's economy will expand by 3.5% this year (down from December's expectation of 4.6%) with a worsening cost-of-living crisis resulting in reduced house- hold consumption over the com- ing quarters. Forecast growth of only 1% is in store for 2023, 1.7 percentage points below the De- cember estimate. e US will see growth easing to 1.7% this year, half the 3.5% an- ticipated earlier. Growth of 2% is expected in 2023. e economy contracted 0.4% in the first quar- ter of 2022, giving rise to the pos- sibility of a technical recession. Inflation has accelerated sharply. Consumer price inflation reached fresh highs of 9.1% in June. Infla- tion will peak and then gradually recede starting this year, although it will remain above the 2% ob- jective through 2023. e Federal Reserve may hike rates to 3.25%- 3.5% by the end of 2022, with rates at the end of 2023 estimated to be around 3.75%-4%. e Japanese economy is ex- pected to expand by 1.8% in 2022, half the rate of the earlier forecast of 3.6%. Growth will fall back to 1.7% in 2023. Growth expecta- tions for China have been slashed by 1.6 percentage points, to 3.6% for 2022, before recovering to 5.1% next year. is recovery will act as a catalyst for slightly stronger global economic growth in 2023. Russia's economy will contract over 10% this year, before an L-shaped recovery in 2023. Sanc- tions will scupper any chance of a rapid recovery and they will remain in place over a prolonged period, assuming there is no re- gime change in Moscow. Tur- key's growth expectations have been boosted however, amid a credit-fuelled recovery, to 5.8% for 2022 from 3.6%. Economic growth for 2023 will be 3.5%. Despite the lowered global growth forecasts, the principal economic drivers are unchanged. ere will be uneven growth across many economies after the crystallisation of multiple down- side risks, highlighted earlier, such as rising inflation, the accel- eration of central bank tightening, Russian aggression in Ukraine, emerging market vulnerabilities as major central banks taper and a correction of bubbly financial asset markets. As monetary policy tightens, an- nual inflation will remain elevat- ed. However, further significant market instability is predicted even after inflation has peaked. ere is no expectation of a glob- al financial crisis though. e gradual easing of inflation over the coming quarters alongside an economic slowdown will cause front-loaded tightening of mon- etary policy to decelerate, halt or even reverse by 2023. FARSONS SFC ORD SHARES

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