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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE kept its key interest rate steady
The Bank of England (BoE), at its November monetary policy meeting, opted to keep the benchmark interest rate steady at 0.75% and its asset purchase facility at £435.0 billion. Furthermore, the BoE hinted at faster interest rate hikes than current market anticipations over uncertainties surrounding Brexit. However, the central bank trimmed its economic growth forecast to 1.3% from 1.4% for 2018.
UK manufacturing PMI declined in October
In the UK, the manufacturing PMI registered a drop to a level of 51.10 in October, lower than market expectations of a drop to a reading of 53.00. In the previous month, the index had registered a revised level of 53.60.
UK house prices remained flat in October
On a monthly basis in the UK, the seasonally adjusted house prices remained flat in October, less than market expectations for a rise of 0.20%. House prices had climbed 0.30% in the prior month.
US construction spending remained flat in September
Construction spending in the US remained flat on a monthly basis, in September, compared to a revised advance of 0.80% in the prior month. Markets were anticipating construction spending to remain flat.
US ISM manufacturing activity index declined in October
In the US, the ISM manufacturing activity index eased to a level of 57.70 in October, lower than market expectations of a fall to a level of 59.00. The index had registered a level of 59.80 in the prior month.
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