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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Christine Lagarde: Inflation to remain negative for a few months
European Central Bank President, Christine Lagarde, in her latest speech, stated that the central bank would be prepared to impose further emergency measures to tackle the economic fallout from the coronavirus crisis, with the region confronting a rapid surge in Covid-19 infections. Further, she indicated that economic indicators in the Euro-zone are pointing to a “strong rebound in activity” in Q3, but the rebound is “uneven across sectors and regions”. Lagarde expects inflation to “remain negative over the coming months” but turn positive again in early 2021.
US Philadelphia Fed manufacturing index unexpectedly climbed in October
In the US, the Philadelphia Fed manufacturing index recorded an unexpected jumped to a level of 32.30 in October, compared to a reading of 15.00 in the previous month. Market expectations were for the index to fall to 14.00.
US NY Empire State manufacturing index dropped in October
In the US, the NY Empire State manufacturing index registered a drop to 10.50 in October, compared to a reading of 17.00 in the previous month. Markets were expecting the index to ease to a level of 15.00.
US initial jobless claims unexpectedly rose in the week ended 9 October 2020
In the US, initial jobless claims unexpectedly advanced to a level of 898.00 K in the week ended 9 October 2020, compared to a revised reading of 845.00 K. Markets were expecting initial jobless claims to record a fall to a level of 825.00 K.
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