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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK BRC shop price index fell in September
In the UK, the BRC shop price index dropped 0.50% in September, compared to a drop of 0.80% in the previous month.
German consumer confidence index unexpectedly advanced in October
In Germany, the consumer confidence index unexpectedly rose to a level of 0.30 in October, compared to a revised reading of -1.10 in the prior month. Markets were expecting the index to fall to -1.80.
Jerome Powell warns over a slowdown in economic recovery due to rising Covid cases
US Federal Reserve (Fed) Chairman, Jerome Powell, in his testimony before the Senate Banking Committee, stated that the COVID-19 is still affecting the global economic recovery and warned that inflationary pressures could last longer than expected. However, Powell indicated that continued progress in vaccinations would support a fast economic recovery.
US consumer confidence index dropped more than expected in September
In the US, the consumer confidence index fell to a reading of 109.30 in September, compared to a revised level of 115.20 in the previous month. Markets were expecting the index to drop to 114.50.
US housing price index rose in July
In the US, the housing price index advanced 1.40% on a MoM basis in July, compared to a revised rise of 1.70% in the prior month.
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