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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK public sector net borrowing reported a surplus in July
In the UK, the public sector net borrowing (excluding temporary effects of financial interventions) has reported a surplus of £1.30 billion in July, compared to a revised deficit of £6.30 billion in the prior month. Markets were expecting public sector net borrowing to show a surplus of £2.90 billion.
FOMC minutes: Fed officials divided over rate cut
Minutes of the US Federal Reserve’s (Fed) July monetary policy meeting revealed that policymakers considered the interest rate cut as a ‘mid-cycle adjustment’ and not a ‘pre-set future course’ for further cuts. The minutes indicated that some policymakers preferred a 50 basis points cut, based primarily on the weak inflation readings, while several officials insisted to keep rates steady, as they believed that the real economy continued to be in a good place.
US mortgage applications dropped in the last week
In the US, mortgage applications registered a drop of 0.90% on a weekly basis in the week ended 16 August 2019, compared to a rise of 21.70% in the previous week.
US existing home sales rose in July
In the US, existing home sales recorded a rise of 2.50% to a level of 5.42 million on a MoM basis in July, higher than market expectations for a level of 5.40 million. Existing home sales had registered a revised reading of 5.29 million in the previous month.
Canadian CPI rose more than expected in July
In Canada, the consumer price index (CPI) registered a rise of 0.50% on a MoM basis in July, higher than market expectations for a rise of 0.20%. In the prior month, the CPI had dropped 0.20%.
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