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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
EU slashes Euro-zone’s economic growth forecast for this year and next
The European Union (EU) stated that Euro-zone’s gross domestic product (GDP) will expand 2.7% this year and 2.3% in 2023, citing concerns surrounding Russia’s invasion of Ukraine. Further, the EU increased its inflation forecast by 3.5 points to 6.1%.
US NY Empire State manufacturing index fell more than expected in May
In the US, the NY Empire State manufacturing index dropped more than expected to -11.60 in May, compared to a level of 24.60 in the previous month. Markets were anticipating the index to fall to a level of 15.50.
Japan tertiary industry index climbed more than expected in March
In Japan, the tertiary industry index rose 1.30% on a MoM basis in March, compared to a drop of 1.30% in the prior month. Markets were expecting the index to record a rise of 0.40%.
RBA signals further rate hikes
Minutes of the Reserve Bank of Australia (RBA) meeting showed that the central bank officials considered raising the interest rate by 40 basis points, but decided to move by 25 basis points to 0.35% since this would mark a return to “normal operating procedures”. The policy makers agreed that further interest rates hikes would likely be required to ensure that inflation in Australia returns to the target over time.
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