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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK construction PMI rose in February
In the UK, the construction PMI advanced to a level of 52.6 in February, higher than market expectations of an advance to a level of 48.8. In the previous month, the construction PMI had registered a reading of 48.4.
Euro-zone unemployment rate remained unchanged in January
In the Euro-zone, the unemployment remained steady at a level of 7.4% in January.
Euro-zone CPI rose in February
In the Euro-zone, the consumer price index (CPI) climbed 1.2% on a YoY basis in February, meeting market expectations for an advance of 1.2%. In the previous month, the CPI had registered a rise of 1.4%.
ISM-NY business conditions index rose in February
In the US, ISM-NY business conditions index rose to a level of 51.90 in February, from the level of 45.80 in the previous month. Market were expecting the index to fall to a level of 24.10.
Fed lowers its key interest rate to combat coronavirus slowdown
The US Fed, in a surprise move, cut its benchmark interest rate by 50 basis points to a target range of 1%-1.25%, its biggest record cut in more than a decade, in response to the growing concerns over the coronavirus outbreak. However, Fed Chairman, Jerome Powell, reiterated that the US economy remained “strong” but cautioned that the coronavirus created “evolving risks” to economic activity. Further, he stated that the central bank is closely monitoring the developments and would “act as appropriate” to support the economy.
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