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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Euro-zone trade surplus narrowed in April
In the Euro-zone, the seasonally adjusted trade surplus narrowed to €1.20 billion in April, from a trade surplus of €25.50 billion in the previous month. Markets were anticipating the trade surplus to narrow to €22.90 billion.
US NY Empire State manufacturing index rose in June
In the US, the NY Empire State manufacturing index jumped to a reading of -0.20 in June, compared to a level of -48.50 in the prior month. Markets were expecting the NY Empire State manufacturing index to advance to a level of -32.50.
BoJ keeps interest rate unchanged, expands its Special Program
The Bank of Japan (BoJ), at its latest monetary policy meeting, kept its benchmark interest rate unchanged at -0.1%. However, the central bank expanded its “Special Program”, including purchases of commercial paper and corporate bonds and its lending programs for commercial banks from ¥75.0 trillion to ¥110.0 trillion. The BoJ indicated that Japan’s economy is likely to remain in a severe situation for a while due to the impact of Covid-19, although economic activity is expected to resume gradually.
RBA minutes: Australian economic downturn shallower than expected
Minutes of the Reserve Bank of Australia’s (RBA) June meeting signalled that Australian economy was experiencing its biggest economic contraction since the 1930s, although the downturn could be shallower than earlier expected. Further, the minutes indicated that the overall outlook was still uncertain with the pandemic expected to have “long-lasting effects” on the economy.
Australian house price index climbed in 1Q 2020
In Australia, the house price index advanced 7.40% on a YoY basis in 1Q 2020. In the previous quarter, the house price index had climbed 2.50%.
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