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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Autumn Budget: UK slashed growth projections, set aside £3.0 billion for Brexit
UK Chancellor of the Exchequer, Philip Hammond, in his first Autumn Statement announced that the Office for Budget Responsibility (OBR) has reduced UK’s economic growth forecasts for next four years and anticipates that the nation will need to borrow sharply over the coming years. The OBR now expects the economy to grow by just 1.50% this year before slipping to 1.40% in 2018, down from a previous estimate of 2.00% and 1.60%, respectively. Further, Hammond promised to set aside £3.00 billion over the next two years for Brexit contingency plans.
Euro-zone consumer confidence index advanced in November
Compared to a level of -1.00 in the previous month the preliminary consumer confidence index in the Euro-zone registered a rise to 0.10 in November. Markets were anticipating the consumer confidence index to climb to -0.80.
FOMC minutes: Fed signalled December rate hike, officials held debate on tepid inflation
Minutes of the Federal Reserve’s (Fed) November meeting revealed that officials were largely optimistic about the US economic growth and held the view that an increase in interest rates would probably be needed “in the near term”. However, policymakers had some disagreements on the pace of inflation as many felt that tightness in the labour market would likely fuel higher inflation in the medium term while others expressed concerns over the inflation outlook. Also, board members fretted that asset prices are out of balance and could pose a threat to the economy.
US non-defence capital goods shipments (ex aircraft) rose more than expected in October
The flash non-defence capital goods shipments (ex aircraft) recorded a rise of 0.40% in the US on a monthly basis in October, compared to a revised advance of 1.20% in the previous month. Market expectation was for the non-defence capital goods shipments (ex aircraft) to rise 0.30%.
US Reuters/Michigan consumer sentiment index dropped in November
The final Reuters/Michigan consumer sentiment index dropped to 98.50 in the US, in November, compared to a level of 100.70 in the prior month. Market anticipation was for the Reuters/Michigan consumer sentiment index to fall to a level of 98.00. The preliminary figures had recorded a drop to 97.80.
US non-defence capital goods orders (ex aircraft) unexpectedly fell in October
On a MoM basis, the preliminary non-defence capital goods orders (ex aircraft) registered an unexpected drop of 0.50% in the US, in October, less than market expectations for an advance of 0.50%. The non-defence capital goods orders (ex aircraft) had recorded a revised rise of 2.10% in the previous month.
US initial jobless claims dropped in the last week
In the week ended 18 November 2017, the seasonally adjusted initial jobless claims registered a drop to 239.00 K in the US, lower than market expectations of a fall to a level of 240.00 K. In the prior week, initial jobless claims had recorded a revised level of 252.00 K.
US durable goods orders (ex transportation) rose less than expected in October
In October, the preliminary durable goods orders (ex transportation) in the US advanced 0.40% on a MoM basis, compared to a rise of 0.70% in the prior month. Markets were expecting durable goods orders (ex transportation) to climb 0.50%.
US durable goods orders surprisingly fell in October
On a monthly basis, the preliminary durable goods orders in the US unexpectedly eased 1.20% in October, less than market expectations for a rise of 0.30%. In the previous month, durable goods orders had recorded a rise of 2.00%.
US mortgage applications rose in the last week
On a weekly basis, mortgage applications climbed 0.10% in the US, in the week ended 17 November 2017. In the previous week, mortgage applications had risen 3.10%.
US continuing jobless claims climbed in the last week
In the week ended 11 November 2017, the seasonally adjusted continuing jobless claims recorded a rise to 1904.00 K in the US, higher than market expectations of an advance to a level of 1880.00 K. Continuing jobless claims had registered a revised level of 1868.00 K in the previous week.
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