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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
German GDP dropped more than expected in 1Q 2021
In Germany, the seasonally adjusted final GDP recorded a drop of 1.80% on a QoQ basis in 1Q 2021, compared to a revised advance of 0.50% in prior quarter. Markets were expecting the GDP to record a drop of 1.70%.
German business climate index rose in May
In Germany, the IFO business climate index climbed to 99.20 in May, compared to a revised level of 96.60 in the previous month. Market expectations were for the index to rise to 98.20.
German expectations index climbed more than anticipated in May
In Germany, the expectations index jumped to a level of 102.9 in May, compared to a revised reading of 99.2 in the previous month, Markets were expecting the index to record a rise to 101.4.
US consumer confidence index unexpectedly fell in May
In the US, the consumer confidence index unexpectedly fell to a level of 117.20 in May, compared to a revised level of 117.50 in the prior month. Markets were expecting the index to record an advance to a level of 119.40.
US new home sales declined in April
In the US, new home sales fell 5.90% on a MoM basis in April, compared to a revised rise of 7.40% in the prior month.
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