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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK construction PMI surprisingly slid in December
In the UK, the construction PMI recorded an unexpected drop to a level of 44.40 in December, compared to a level of 45.30 in the previous month. Markets were anticipating the construction PMI to rise to a level of 45.70.
UK number of mortgage approvals for house purchases unexpectedly advanced in November
In the UK, the number of mortgage approvals for house purchases advanced unexpectedly to a level of 64.99 K in November, compared to a revised reading of 64.66 K in the previous month.
German CPI rose more than expected in December
In Germany, the preliminary consumer price index (CPI) registered a rise of 1.50% on a YoY basis in December, compared to an advance of 1.10% in the previous month. Market expectation was for the CPI to climb 1.40%.
US ISM manufacturing activity index unexpectedly dropped in December
In the US, the ISM manufacturing activity index dropped unexpectedly to a level of 47.20 in December, compared to a level of 48.10 in the previous month. Markets were expecting the index to climb to a level of 49.00.
FOMC minutes: Fed to hold its key interest rates for near term
Minutes of the Federal Open Market Committee’s (FOMC) December meeting showed that policymakers agreed to hold the benchmark interest rates for a longer time in order to study the impact of the decision on the economic growth. However, a few members suggested that maintaining interest rates low over a long period might promote excessive risk-taking and could intensify imbalances in the financial sector.
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