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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB keeps key interest rates unchanged
The European Central Bank (ECB), at its latest monetary policy meeting, kept its benchmark interest rate unchanged at 0.00%, with the marginal lending rate and deposit rate remaining at 0.25% and -0.50% respectively, as widely expected. Further, the ECB indicated that its key interest rates will remain at their current or lower levels until inflation reaches the ECB’s goal of “below, but close to 2%”.
Euro-zone manufacturing PMI remained steady in October
In the Euro-zone, the preliminary manufacturing PMI remained flat at 45.70 in October. Market anticipation was for the manufacturing PMI to rise to a level of 46.00.
German services PMI unexpectedly dropped in October
In Germany, the preliminary services PMI dropped unexpectedly to a level of 51.20 in October, compared to market expectations of a rise to a level of 52.00. In the previous month, services PMI had registered to a reading of 51.40.
US manufacturing PMI unexpectedly climbed in October
In the US, the flash manufacturing PMI advanced unexpectedly to a level of 51.50 in October, compared to a reading of 51.10 in the prior month. Markets were expecting the manufacturing PMI to fall to a reading of 50.70.
US durable goods orders fell more than expected in September
In the US, the flash durable goods orders recorded a drop of 1.10% on a MoM basis in September, higher than market expectations for a drop of 0.80%. Durable goods orders had climbed 0.20% in the prior month.
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