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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK house price index dropped in June
In the UK, the house price index fell 0.50% on a MoM basis in June, compared to a revised rise of 1.20% in the previous month. Markets were expecting the index to record a rise of 0.80%.
German industrial production unexpectedly fell in May
In Germany, industrial production dropped 0.30% on a MoM basis in May, compared to a revised fall of 0.30% in the previous month. Markets were expecting industrial production to record an advance of 0.50%.
FOMC minutes: Fed officials patient in terms of tightening monetary policy
Minutes of the Fed’s June monetary policy meeting revealed that policymakers indicated that the economic recovery was proceeding faster than expected along with an outsized rise in inflation. Also, the minutes reiterated Fed Chairman, Jerome Powell’s view that “substantial further progress” has not yet been met, although participants expected progress to continue. Further, the minutes indicated that the central bank is not in a hurry to scale back its asset purchase program. Meanwhile, projections from Fed officials suggest that interest rates will be increased to 0.6% in 2023.
US JOLTS job openings rose less than anticipated in May
In the US, the JOLTS job openings advanced to 9209.00 K in May, compared to a revised level of 9193.00 K in the previous month. Markets were expecting the JOLTS job openings to advance to 9388.00 K.
US mortgage applications fell in the week ended 02 July 2021
In the US, mortgage applications dropped 1.80% on a weekly basis in the week ended 02 July 2021, compared to a drop of 6.90% in the prior week.
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