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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB kept its key interest rate unchanged
The European Central Bank (ECB), in its October monetary policy meeting, decided to keep its interest rate unchanged at -0.50%, despite ongoing inflationary pressures. Further, the central bank reaffirmed its plan to keep buying bonds to pin borrowing costs. Also, the ECB believes that higher inflation is temporary and would fade throughout 2022.
Euro-zone consumer confidence index dropped in October
In the Euro-zone, the consumer confidence index fell to -4.80 in October, in line with market expectations and compared to a revised level of -4.00 in the prior month.
Euro-zone economic sentiment index unexpectedly rose in October
In the Euro-zone, the economic sentiment index advanced to a level of 118.60 in October, compared to a reading of 117.80 in the previous month. Markets were expecting the index to fall to a level of 116.90.
German CPI climbed more than expected in October
In Germany, the CPI rose 4.50% on a YoY basis in October, compared to an advance of 4.10% in the prior month. Markets were expecting the CPI to record a rise of 4.40%.
German unemployment rate fell as anticipated in October
In Germany, the seasonally adjusted unemployment rate dropped to 5.40% in October, in line with market expectations and compared to 5.50% in the previous month.
US annualised GDP advanced less than expected in Q3 2021
In the US, the annualised GDP rose 2.00% on a QoQ basis in Q3 2021, compared to an advance of 6.70% in the prior month. Markets were expecting GDP to record a rise of 2.70%.
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