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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK mortgage approvals for house purchases dropped in March
In the UK, the number of mortgage approvals for house purchases eased to 70.69 K in March, compared to a revised reading of 70.97 K in the prior month.
Euro-zone services PMI rose as expected in April
In the Euro-zone, the final services PMI advanced to 57.70 in April, in line with market forecast and compared to a reading of 55.60 in the previous month.
German services PMI rose less than anticipated in April
In Germany, the final services PMI advanced to 57.60 in April, compared to a reading of 56.10 in the previous month. Markets were expecting the services PMI to record a rise to a level of 57.90.
Fed announces biggest interest rate hike since 2000
The US Fed, in its latest monetary policy decision, raised its benchmark interest rate by 0.5 percentage points to a target rate range of between 0.75% and 1.0%, marking its largest hike since 2000. The central bank indicated that it would further raise borrowing costs throughout this year. Also, the central bank announced plans to shrink its $9 trillion asset portfolio starting next month in an effort to curb inflation.
US ISM services PMI unexpectedly fell in April
In the US, the ISM services PMI recorded an unexpected drop to a level of 57.10 in April, compared to a reading of 58.30 in the prior month. Markets were expecting the PMI to record an advance to 59.00.
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