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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB sets inflation target at 2%
The ECB, in a major policy review, indicated that it has decided to revise its inflation target to 2% and allow consumer prices to overshoot when deemed necessary. ECB President, Christine Lagarde, stated that the new inflation target is “clear and easy to communicate.” Further, she indicated that there would be a new policy review in 2025.
German trade surplus narrowed in May
In Germany, trade surplus narrowed to €12.60 billion in May, compared to a revised surplus of €15.60 billion in the previous month.
German current account surplus narrowed more than expected in May
In Germany, current account surplus narrowed to €13.10 billion in May, compared to a revised surplus of €21.00 billion in the prior month.
US initial jobless claims unexpectedly rose in the week ended 02 July 2021
In the US, the seasonally adjusted number of initial jobless claims advanced to a level of 373.00 K in the week ended 02 July 2021, compared to a revised level of 371.00 K in the previous week. Markets were expecting the initial jobless claims to fall to a level of 350.00 K.
China’s CPI advanced less than expected in June
In China, the consumer price index (CPI) rose 1.1% on a YoY basis in June, compared to a rise of 1.3% in the prior month. Markets were expecting the CPI to record a rise of 1.3%.
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