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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB holds interest rate steady
The European Central Bank (ECB), in its latest monetary policy meeting, kept its key interest rates unchanged at 0.00%. However, the central bank said that it was ready to increase its coronavirus stimulus program if needed, amid deepening crisis in the Euro-zone due to the pandemic. Further, the ECB President, Christine Lagarde, stated that the central bank expects a GDP contraction between 5% and 12% this year for the region.
Euro-zone GDP dropped more than expected in Q1 2020
In the Euro-zone, the seasonally adjusted gross domestic product (GDP) registered a drop of 3.80% on a QoQ basis in Q1 2020, compared to a rise of 0.10% in the prior quarter. Markets were expecting GDP to record a drop of 3.50%.
Euro-zone CPI advanced in April
In the Euro-zone, the preliminary consumer price index (CPI) registered a rise of 0.40% on a YoY basis in April, compared to a rise of 0.70% in the previous month. Markets were expecting CPI to advance 0.10%.
Euro-zone unemployment rate advanced in March
In the Euro-zone, unemployment rate climbed to a reading of 7.40% in March, compared to a level of 7.30% in the prior month. Markets were anticipating the unemployment rate to rise to 7.70%.
German unemployment rate rose in April
In Germany, the seasonally adjusted unemployment rate climbed to a reading 5.80% in April, compared to a level of 5.00% in the prior month. Markets were expecting an advance to a level of 5.20%.
US number of initial jobless claims dropped in the last week
In the US, the seasonally adjusted number of initial jobless claims fell to a level of 3839.00 K in the week ended 25 April 2020, compared to a revised level of 4442.00 K in the prior week. Markets were expecting number of initial jobless claims to ease to a level of 3500.00 K.
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