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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK public sector net borrowing unexpectedly shows surplus in December
In the UK, the public sector net borrowing has unexpectedly reported a surplus of £4.04 billion in December, as compared to a revised surplus of £4.19 billion in the previous month. Market expectation was for the public sector net borrowing to post a surplus of £4.60 billion.
US mortgage applications dropped in the last week
In the US, mortgage applications dropped 1.20% on a weekly basis in the week ended 17 January 2020. In the previous week, mortgage applications had climbed 30.20%.
US Chicago Fed national activity index dropped in December
In the US, the Chicago Fed national activity index dropped to a level of -0.35 in December, compared to a revised level of 0.41 in the prior month. Market expectation was for the index to drop to a reading of -0.30.
US existing home sales rose in December
In the US, existing home sales recorded a rise to a level of 5.54 million on a MoM basis in December, compared to market expectations of 5.43 million. In the prior month, existing home sales had recorded to a level of 5.35 million.
Canadian CPI remained steady in December
In Canada, the consumer price index (CPI) remained steady on a MoM basis in December. In the prior month, the CPI had fallen 0.10%.
BoC kept its key interest rate unchanged and slashed its 2020 economic forecast
The Bank of Canada (BoC), at its latest monetary policy meeting, kept its benchmark interest rate unchanged at 1.75% and projected a slower than expected start for the Canadian economy for 2020. The central bank stated that global economy is showing signs of stabilisation and some recent trade developments have been positive. However, there remains a high degree of uncertainty and geopolitical tensions have re-emerged, with tragic consequences. Further, the central bank lowered its growth forecast for the Canadian economy for the fourth quarter to 0.3% from 1.3% in October.
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