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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB slashes its interest rate and relaunches its bond-buying program
The European Central Bank (ECB), in its latest monetary policy meeting, cut its interest rate for deposits by 10 basis points to -0.5%, and leave it at current level or lower until the inflation outlook reaches near its 2.0% target. Further, the central bank relaunched a sweeping package of bond purchases that lays the groundwork for a long period of ultraloose monetary policy. Additionally, the ECB President Mario Draghi recommended the governments to take fiscal measures to supplement the central bank’s monetary stimulus and reinvigorate the euro zone economy.
Euro-zone industrial production unexpectedly dropped in July
In the Euro-zone, the seasonally adjusted industrial production unexpectedly fell by 0.40% on a MoM basis in July, compared to a revised drop of 1.40% in the prior month. Markets were expecting industrial production to climb 0.10%.
German CPI dropped as expected in August
In Germany, the final consumer price index (CPI) eased 0.20% on a MoM basis in August, compared to a rise of 0.50% in the prior month. Markets were anticipating the CPI to drop 0.20%.
US budget deficit widened in August
In the US, budget deficit widened to $200.00 billion in August. The US had posted a budget deficit of $119.70 billion in the previous month.
US CPI advanced as expected in August
In the US, the CPI recorded a rise of 0.10% on a MoM basis in August, compared to a rise of 0.30% in the prior month. Market anticipation was for the CPI to rise 0.10%.
US initial jobless claims declined in the last week
In the US, the seasonally adjusted initial jobless claims fell to a level of 204.00 K in the week ended 07 September 2019, compared to a revised reading of 219.00 K in the prior week. Market anticipation was for initial jobless claims to drop to a level of 215.00 K.
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