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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE cuts its key interest rate to combat coronavirus impact
The BoE, in its interest rate decision, in a surprise move, lowered its key interest rate by 50 basis points from 0.75% to 0.25%, unanimously and warned that the coronavirus would bring a “sharp and large shock” to Britain’s economy. Meanwhile, the bank announced a new termfunding scheme to support small and medium-sized companies. Additionally, the BoE Governor, Mark Carney, indicated that the central bank is ready to take additional measures to combat the economic impact of the coronavirus outbreak.
UK GDP remained steady in January
In the UK, gross domestic product (GDP) remained steady at 0.00% on a MoM basis in January, less than market expectations for an advance of 0.20%. In the prior month, GDP had advanced 0.30%.
UK industrial production unexpectedly dropped in January
In the UK, industrial production registered a drop of 0.10% on a MoM basis in January, lower than market expectations for an advance of 0.30%. In the prior month, industrial production had advanced 0.10%.
UK manufacturing production rose as expected in January
In the UK, manufacturing production rose 0.20% on a MoM basis in January, at par with market expectations for an advance of 0.20%. Manufacturing production had recorded a rise of 0.30% in the previous month.
US CPI rose in February
In the US, the consumer price index (CPI) climbed 0.10% on a MoM basis in February. In the previous month, the CPI had risen 0.10%.
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