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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Mario Draghi defends ECB Stimulus
The European Central Bank (ECB) President, Mario Draghi, signalled that a series of public disagreement by the policymakers over the latest monetary stimulus could be harmful for the Euro-zone economy. Moreover, he stated that the recent data and forward-looking indicators do not show convincing signs of a rebound in growth in the near future and the balance of risks to the growth outlook remains tilted to the downside.
Euro-zone manufacturing PMI unexpectedly dropped in September
In the Euro-zone, the manufacturing PMI unexpectedly fell to a level of 45.60 In September, compared to market expectations of an advance to a reading of 47.50. In the previous month, the index had recorded a level of 47.00.
Euro-zone services PMI dropped in September
In the Euro-zone, the preliminary services PMI fell to a level of 52.00 in September, compared to market expectations of a fall to a level of 53.30. In the previous month, the index had registered a reading of 53.50.
German manufacturing PMI surprisingly declined in September
In Germany, the flash manufacturing PMI recorded an unexpected drop to a level of 41.40 in September, lower than market expectations of an advance to a level of 44.20. The index had recorded a reading of 43.50 in the prior month.
US Markit manufacturing PMI unexpectedly rose in September
In the US, the preliminary Markit manufacturing PMI unexpectedly rose to a level of 51.00 in September, compared to a level of 50.30 in the prior month. Market anticipation was for the index to drop to a reading of 50.10.
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