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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE kept interest rate steady, boosted QE
The BoE, in its latest monetary policy decision, kept its key interest rate unchanged at 0.1% and boosted its bond-buying programme by £150 billion. Further, the central bank downgraded its 2021 growth outlook to 7.25% from 9.0% projected in August.
UK construction PMI dropped in October
In the UK, the construction PMI fell to a level of 53.10 in October, compared to a reading of 56.80 in the previous month. Markets were anticipating the construction PMI to drop to 55.00.
Euro-zone retail sales climbed less than expected in September
In the Euro-zone, seasonally adjusted retail sales advanced 2.20% on a YoY basis in September, compared to a rise of 4.40% in the prior month. Markets were expecting retail sales to record an advance of 2.80%.
Fed kept key interest rates steady
The US Federal Reserve (Fed), in its latest monetary policy decision, kept its benchmark interest rates steady in a range between 0%-0.25%. The central bank indicated that economic activity and employment in the country have continued to recover but remain well below their levels at the beginning of the year.
US number of initial jobless claims dropped in the week ended 31 October 2020
In the US, seasonally adjusted number of initial jobless claims fell to a level of 751.00 K in the week ended 30 October 2020, compared to a revised reading of 758.00 K in the previous week. Market expectations were for the number of initial jobless claims to ease to 732.00 K.
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