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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE keeps its key interest rate unchanged
The BoE, at its November monetary policy meeting, kept its benchmark interest rate unchanged at 0.10%, defying market expectations. Further, the central bank maintained its government bond purchases at a target stock of £875 billion and stock of corporate bond purchases at £20 billion. Meanwhile, the BoE now expects inflation to rise further to around 5% in the spring of 2022 before falling back toward its 2% target by late 2023, as the impact of higher oil and gas prices fades and demand for goods moderates.
UK construction PMI unexpectedly rose in October
In the UK, the construction PMI advanced to 54.60 in October, compared to a level of 52.60 in the previous month. Markets were expecting the construction PMI to record a drop of 52.00.
Euro-zone PPI climbed more than expected in September
In the Euro-zone, the PPI advanced 16.00% on a YoY basis in September, compared to a rise of 13.40% in the prior month. Markets were expecting the PPI to record a jump of 15.20%.
German factory orders advanced less than expected in September
In Germany, the seasonally adjusted factory orders rose 1.30% on a MoM basis in September, compared to a drop of 7.70% in the previous month. Markets were expecting the factory orders to record a rise of 2.00%.
US weekly initial jobless claims fell more than anticipated for the week ended 29 October 2021
In the US, the initial jobless claims dropped to a level of 269.00 K for the week ended 29 October 2021, compared to a revised reading of 283.00 K in the prior week. Markets were expecting the initial jobless claims to fall to a level of 277.00 K.
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