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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
IMF trims global growth forecasts for 2019 and 2020
The International Monetary Fund (IMF), in its quarterly update on world economic outlook, slashed its global economic growth forecasts to 3.2% from 3.3% for 2019 and 3.5% from 3.6% for 2020, amid ongoing US-China trade war. IMF raised its 2019 growth forecast for the UK and China to 1.3% and 6.2%, respectively. However, IMF slashed its 2019 growth forecast for the US economy to 2.6%.
UK balance of firms reporting total order book above normal unexpectedly declined in July
In the UK, the balance of firms reporting total order book above normal fell unexpectedly to a level of -34.00 in July, compared to market expectations of a steady reading. The balance of firms reporting total order book above normal had recorded a reading of -15.00 in the previous month.
Euro-zone consumer confidence index unexpectedly rose in July
In the Euro-zone, the preliminary consumer confidence index climbed unexpectedly to a level of -6.60 in July, compared to a level of -7.20 in the prior month. Markets were anticipating the consumer confidence index to record a flat reading.
US existing home sales slid in June
In the US, existing home sales registered a drop of 1.70% to a level of 5.27 million, on a MoM basis in June, lower than market expectations of a reading of 5.32 million. In the previous month, existing home sales had registered a revised level of 5.36 million.
US Richmond Fed manufacturing index surprisingly slid in July
In the US, the Richmond Fed manufacturing index registered an unexpected drop to a level of -12.00 in July, compared to market expectations of a rise to a level of 5.00. In the prior month, the index had registered a revised reading of 2.00.
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