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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE kept its key interest rate unchanged
The Bank of England (BoE), in its latest monetary policy meeting, kept its benchmark interest rate unchanged at 0.1% and maintained its government bond purchase programme at £875.0 billion. The central bank indicated that it expects inflation to temporarily rise to 4% in 4Q 2021, amid rising energy and other goods prices. Further, the BoE hinted at “modest tightening” of monetary policy in next 2 years.
UK construction PMI fell more than anticipated in July
In the UK, the construction PMI dropped to 58.70 in July, compared to a level of 66.30 in the prior month. Markets were expecting the construction PMI to fall to 64.00.
German factory orders climbed more than expected in June
In Germany, seasonally adjusted factory orders rose 4.10% on a MoM basis in June, compared to a revised drop of 3.20% in the previous month. Markets were expecting factory orders to climb by 1.90%.
US goods trade deficit widened in June
In the US, goods trade deficit widened to $93.20 billion in June, compared to a trade deficit of $91.20 billion in the prior month.
US initial jobless claims dropped less than market forecast in the week ended 30 July 2021
In the US, seasonally adjusted initial jobless claims fell to a level of 385.00 K in the week ended 30 July 2021, compared to a revised level of 399.00 K in the previous week. Markets were expecting the initial jobless claims to drop to a level of 384.00 K.
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