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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK construction PMI remained steady in March
In the UK, the construction PMI remained unchanged at 59.10 in March. Markets were anticipating the construction PMI to ease to a level of 56.00.
Euro-zone PPI climbed more than expected in February
In the Euro-zone, the PPI jumped 31.40% on a YoY basis in February, compared to a rise of 30.60% in the previous month. Markets were expecting the PPI to record an advance of 30.80%.
German factory orders fell more than expected in February
In Germany, seasonally adjusted factory orders fell 2.20% on a MoM basis in February, compared to a revised rise of 2.30% in the previous month. Markets were expecting factory orders to record a drop of 0.30%.
FOMC minutes: Fed officials plan to reduce the balance sheet
Minutes of the Fed March monetary policy meeting revealed that officials outlined plans to reduce the central bank balance sheet by around $95 billion per month, likely beginning in May. This would consists of a maximum of $60 billion in Treasury securities and $35 billion in mortgage-backed securities, phased in over three months. Additionally, officials pointed to potential rate hikes of 50 basis point at future meetings, if inflation pressures remained elevated.
US mortgage applications eased in the week ended 01 April 2022
In the US, the number of mortgage applications dropped 6.30% on a weekly basis in the week ended 01 April 2022, compared to a drop of 6.80% in the prior week.
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