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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK CBI distributive trade survey’s retail sales balance dropped in August
In the UK, the CBI distributive trade survey’s retail sales balance recorded an unexpected drop to a level of 49.00% in August, compared to market expectations of an advance to a level of 15.00%. The CBI distributive trade survey’s retail sales balance had recorded a level of 16.00% in the previous month.
ECB Minutes: Officials discussed the impact of stimulus program
Minutes of the European Central Bank’s (ECB) July monetary policy meeting indicated that the officials discussed the idea of changing its key inflation target as part of a potential broader strategic review. Further, the ECB President, Mario Draghi, stated that the central bank will launch measures of fresh stimulus in September that could include interest rate cuts and asset purchases.
Euro-zone services PMI unexpectedly rose in August
In the Euro-zone, the flash services PMI advanced unexpectedly to a level of 53.40 in August, compared to a level of 53.20 in the prior month. Market anticipation was for services PMI to drop to a reading of 53.00.
German manufacturing PMI surprisingly climbed in August
In Germany, the preliminary manufacturing PMI rose unexpectedly to a level of 43.60 in August, compared to market expectations of a drop to a reading of 43.00. Manufacturing PMI had recorded a level of 43.20 in the prior month.
US manufacturing PMI surprisingly dropped in August
In the US, the flash manufacturing PMI dropped unexpectedly to a level of 49.90 in August, compared to market expectations of an advance to a level of 50.50. In the prior month, the manufacturing PMI had recorded a reading of 50.40.
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