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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK consumer confidence dropped in May
In the UK, the final consumer confidence registered a drop to a level of -36.00 in May, compared to a reading of -33.00 in the previous month. Markets were expecting the consumer confidence to a fall to a level of -40.00.
UK construction PMI rose in May
In the UK, the construction PMI advanced to a level of 28.90 in May, compared to a reading of 8.20 in the prior month. Markets were expecting the construction PMI to advance to a level of 29.70.
ECB keeps interest rate unchanged, expands bond-buying programme
The ECB, in its latest monetary policy meeting, kept its key interest rates unchanged at 0.0%, as widely expected. However, the central bank increased its Pandemic Emergency Purchase Programme by €600.0 billion in an effort to bolster the Euro-zone economy, following the coronavirus crisis. The ECB also stated that it expects the region’s economy to contract by 8.7% this year, before rebounding to 5.2% growth in 2021 and 3.3% in 2022. Further, the ECB expects headline inflation to be 0.3% in 2020 and 0.8% in 2021.
Euro-zone retail sales dropped in April
In the Euro-zone, the seasonally adjusted retail sales fell 11.70% on a MoM basis in April, compared to a revised drop of 11.10% in the prior month. Markets were anticipating retail sales to drop 15.00%.
US trade deficit widened in April
In the US, trade deficit widened to $49.40 billion in April, compared to a trade deficit of $42.30 billion in the previous month. Markets were anticipating the nation to post a trade deficit of $44.30 billion.
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