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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK services PMI dropped in February
In the UK, the final services PMI fell to a level of 53.20 in February, compared to market expectations to a level of 53.30. The services PMI had recorded a reading of 53.30 in the prior month.
Euro-zone services PMI rose in February
In the Euro-zone, the final services PMI rose to a level of 52.60 in February, compared to market expectations to a level of 52.80. Services PMI had recorded a reading of 52.80 in the previous month.
Euro-zone retail sales rose as expected in January
In Euro-zone, retail sales rose 0.60% on a MoM basis in January, compared to a fall of 1.60% in previous month. Markets were expecting the seasonally adjusted retail sales to rise 0.60%.
US non-manufacturing PMI unexpectedly rose in February
In the US, non-manufacturing PMI unexpectedly advanced to a level of 57.30 in February. In the previous month, the non-manufacturing PMI had recorded a reading of 55.50.
BoC cuts its key interest rate to combat coronavirus slowdown
The Bank of Canada (BoC), in a surprise move, cut its interest rate by 50 basis points to a target range of 1.25%, its biggest record cut since 2009, in response to the growing concerns over the coronavirus outbreak. The central bank stated that before the coronavirus outbreak, the global economy was showing signs of stabilizing. However, it represents a significant health threat to people in a growing number of countries. Further, the central bank also signalled the potential for additional rate cuts to mitigate the “material negative shock” that COVID19 poses to the economy.
Fed’s Beige Book: US economy growing at a ‘modest to moderate pace’
According to the US Federal Reserve (Fed) latest Beige Book report, the US economy grew at a “modest to moderate” pace in majority of the Fed districts. The report indicated that the coronavirus was negatively affected the travel and tourism in the US, with growth in tourism described as flat to modest. On the outlook front, the Beige Book indicated that the coronavirus and the upcoming presidential elections pose risks to the country’s economic outlook.
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