Guardian Stockbrokers Key Economic News Thursday 6 December 2018

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The key points from today’s economic news, brought to you by Guardian Stockbrokers.

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UK services PMI surprisingly eased in November

The services PMI in the UK registered an unexpected drop to a level of 50.40 in November, compared to a level of 52.20 in the prior month. Markets were expecting the index to rise to a level of 52.50.

Euro-zone services PMI eased in November

The final services PMI in the Euro-zone recorded a drop to a level of 53.40 in November, higher than market expectations of a fall to a level of 53.10. In the prior month, the index had recorded a level of 53.70.

German services PMI slid in November

The final services PMI in Germany fell to a level of 53.30 in November, meeting market expectations. The index had registered a reading of 54.70 in the previous month.

Fed’s Beige Book: US economy growing at modest-to-moderate pace

According to the Federal Reserve’s (Fed) latest Beige Book report, most of the twelve Fed districts expanded at a modest-to-moderate pace mid-October through late November, while inflation rose at a modest pace in most districts. However, it revealed that optimism in some districts has waned, amid increasing uncertainties from the impacts of tariffs, rising interest rates and tighter labour market conditions.

BoC kept its key interest rate unchanged

The Bank of Canada (BoC), in its December monetary policy meeting, held its benchmark interest rate unchanged at 1.75%. However, the central bank hinted that fresh economic developments in the nation and sharp plunge in the oil prices could affect future pace of interest rate hikes.

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