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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE kept its key interest rates unchanged
The BoE, in its June monetary policy meeting, kept its benchmark interest rate unchanged at 0.10% and maintained its assets purchase program at £895.0 billion, as widely expected. The central bank indicated that it expects inflation to surpass 3% by the end of the year, with the rise further above its 2% target to be “temporary”. Meanwhile, the BoE estimated that the British economy is now back up to 97.5% of its pre-Covid size and revised its expectations for the level of UK GDP in the April-June period by around 1.5%.
UK consumer confidence index remained steady in June
In the UK, the consumer confidence index remained unchanged at a level of -9.00 in June. Markets were expecting the index to rise to -7.00.
German IFO business climate index rose more than expected in June
In Germany, the IFO business climate index advanced to a reading of 101.80 in June, compared to a level of 99.20 in the prior month. Markets were expecting the index to climb to a level of 100.60.
US annualised GDP advanced as expected in 1Q 2021
In the US, annualised GDP advanced 6.40% on a QoQ basis in 1Q 2021, as expected and compared to a rise of 4.30% in the prior quarter.
US initial jobless claims dropped less than expected in the week ended 18 June 2021
In the US, the seasonally adjusted initial jobless claims fell to a reading of 411.00 K in the week ended 18 June 2021, compared to a revised level of 418.00 K in the previous week. Markets were expecting initial jobless claims to fall to a level of 380.00 K.
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