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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE keeps its key interest rate unchanged and trims its growth forecast
The BoE, in its December monetary policy meeting, held the benchmark interest rate unchanged at 0.75%, as widely expected, but indicated that it might cut the rates if global economic growth fails to recover or concern over disorderly Brexit persists. Additionally, the BoE meeting minutes showed that the members believe that the policy would require limited gradual tightening to maintain inflation sustainably at the 2.00% target. Further, the BoE lowered its forecast for quarterly economic growth in fourth quarter of 2019 to 0.10% from 0.20%.
UK retail sales surprisingly eased in November
In the UK, retail sales unexpectedly dropped 0.60% on a MoM basis in November. Retail sales had recorded a drop of 0.10% in the previous month.
UK consumer confidence surprisingly advanced in December
In the UK, the consumer confidence unexpectedly climbed to a level of -11.00 in December, compared to a reading of -14.00 in the prior month. Market expectation was for the consumer confidence to record a steady reading.
US existing home sales unexpectedly eased in November
In the US, existing home sales recorded an unexpected drop to a level of 5.35 million on MoM basis in November. Existing home sales had registered a revised to a level of 5.44 million in the previous month.
US Philadelphia Fed manufacturing index fell in December
In the US, Philadelphia Fed manufacturing index recorded a drop to a level of 0.30 in December, compared to a level of 10.40 in the previous month. Market anticipation was for the index to drop to a level of 8.00.
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