The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK total trade deficit widened in March
In March, total trade deficit in the UK rose to £3.09 billion, compared to market expectations of a total trade deficit of GBP 2.00 billion. The UK had registered a revised total trade deficit of £1.18 billion in the prior month.
UK industrial production rose less than expected in March
In March, industrial production advanced 0.10% in the UK on a MoM basis, compared to a similar rise in the prior month. Market anticipation was for industrial production to rise 0.20%.
BoE kept its key interest rate on hold, slashed its outlook on inflation and growth
The Bank of England’s (BoE) Monetary Policy Committee voted 7-2 to keep the benchmark interest rate on hold at 0.50%, amid a slump in first-quarter economic growth. According to minutes of the meeting, officials believed that the recent slowdown in economic activity will prove temporary but cautioned that Britain’s economy is still clouded by Brexit uncertainties. Further, the central bank trimmed its 2018 growth forecast from a moderate 1.80% to a modest 1.40%, entirely due to weak first-quarter growth and added that inflation will slow faster than previously estimated.
US CPI advanced less than expected in April
In April, the consumer price index (CPI) in the US recorded a rise of 0.20% on a MoM basis, compared to a fall of 0.10% in the previous month. Markets were anticipating the CPI to rise 0.30%.
US recorded budget surplus in April
Budget surplus in the US stood at $214.30 billion in April, from a budget deficit of $208.70 billion in the prior month. Market expectation was for the nation’s budget surplus to stand at $215.00 billion.
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