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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK number of mortgage approvals for house purchases dropped in August
In the UK, number of mortgage approvals for house purchases registered a drop to a level of 65.55 K in August, compared to a revised reading of 67.01 K in the prior month.
UK GDP dropped in 2Q 2019
In the UK, the final gross domestic product (GDP) registered a drop of 0.20% on a QoQ basis in 2Q 2019. In the previous quarter, GDP had advanced 0.50%.
Euro-zone unemployment rate declined in August
In the Euro-zone, the unemployment rate eased to a level of 7.40% in August. In the previous month, the unemployment rate had registered a reading of 7.50%.
German retail sales advanced less than expected in August
In Germany, retail sales recorded a rise of 0.50% on a MoM basis in August, compared to a revised fall of 0.80% in the previous month. Markets were anticipating retail sales to advance 0.60%.
RBA slashes its key interest rates
The Reserve Bank of Australia (RBA), in its latest monetary meeting, cut its official cash rate by 0.25% to 0.75%, as widely expected. The RBA Governor, Philip Lowe, stated that the cut was made to support employment and income growth and to provide greater confidence that inflation will be consistent with the medium-term target.
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