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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
IMF forecasts deeper global recession in 2020
The IMF expects global economy to contract by 4.9% in 2020, compared with a 3.0% contraction predicted in April, as the COVID-19 pandemic has had a more negative impact on economic activity in the first half of 2020 than anticipated. Further, the IMF stated that it expects the US economy to shrink 8.0% and the Euro-zone to contract 10.2% in 2020. The IMF warned that recovery in 2021 also will be weaker, with global growth forecast at 5.4% for the year, compared to 5.8% in the April forecast.
German business climate index rose in June
In Germany, the business climate index climbed to a level of 86.20 in June, compared to a reading of 79.50 in the prior month. Markets were expecting the business climate index to advance to 85.00.
German business expectations index advanced in June
In Germany, the business expectations index climbed to a level of 91.40 in June, compared to a level of 80.10 in the previous month. Markets were expecting the business expectations index to record an advance to a level of 87.00.
German current assessment index rose in June
In Germany, the current assessment index advanced less than expected to a level of 81.30 in June, compared to a reading of 78.90 in the prior month. Markets were anticipating the current assessment index to climb to a level of 84.00.
US housing price index advanced in April
In the US, the housing price index advanced 0.20% on a MoM basis in April, compared to a rise of 0.10% in the prior month.
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