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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK manufacturing PMI fell in February
In the UK, the final manufacturing PMI declined to a level of 51.7 in February, compared to market expectations of a decline to 51.8. In the prior month, the manufacturing PMI had registered a level of 51.9.
Euro-zone manufacturing PMI advanced in February
In the Euro-zone, the final manufacturing PMI rose to a level of 49.2 in February, higher than market expectations of a rise to 49.1. The manufacturing PMI had recorded a reading of 49.1 in the prior month.
German manufacturing PMI rose in February
In Germany, the final manufacturing PMI advanced to a level of 48.0 in February, compared to a reading of 47.8 in the prior month. Markets were anticipating manufacturing PMI to advance to a level of 47.8.
RBA cuts its key benchmark interest rate
The Reserve Bank of Australia (RBA), in its latest monetary policy meeting, has slashed its benchmark interest rate by 0.25% to a new record low of 0.5%, amid concerns over the coronavirus impact on the global economy. Meanwhile, the RBA Governor, Philip Lowe, reiterated that the central bank is prepared to ease monetary policy further to support the Australian economy.
OECD lowers its global growth forecast
The Organisation for Economic Cooperation and Development (OECD) lowered its global growth forecast to 2.4% from 2.9%. The forecast for 2021 was trimmed to 3.3% from 3.6%. Moreover, the organisation slashed China’s growth forecast to 4.9% from 5.7%, as the outbreak persists to hit production, trade, tourism and business travel. Meanwhile, the US GDP is forecast to grow 1.9% in 2020 and 2.1% in 2021. For the Euro-zone, the OECD expects growth of 0.8% this year, down from 1.1%. The UK is forecast to grow 0.8% each in 2020 and 2021. Further, the organisation warned that an escalation in the coronavirus outbreak could cut global economic growth in half and would push several countries into recession this year.
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