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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB keeps its interest rate on hold, announces stimulus measures to fight coronavirus impact
The ECB, in its latest monetary policy decision, kept its interest rate unchanged at 0.00%, despite market expectations for a reduction amid the ongoing coronavirus outbreak. However, the central bank announced measures to support bank lending and expanded its asset purchase program by €120.0 billion. Meanwhile, members expect the interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2.00% within its projection horizon. Moreover, the ECB President, Christine Lagarde, indicated that the coronavirus outbreak has caused a major shock to global growth and governments will need to intensify an ambitious fiscal response to counter its affects.
Euro-zone industrial production climbed more than expected in January
In the Euro-zone, the seasonally adjusted industrial production rose 2.30% on a MoM basis in January, compared to a revised drop of 1.80% in the previous month. Market expectations were for industrial production to advance 1.40%.
Japanese tertiary industry index rose less than expected in January
In Japan, the tertiary industry index rose 0.80% on a MoM basis in January, lower than market expectations for an advance of 1.20%. In the prior month, the index had fallen by a revised 0.30%.
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