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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Germany GDP grew as expected in 1Q 2022
In Germany, GDP climbed 0.20% on a QoQ basis in 1Q 2022, at par with market expectations and compared to a drop of 0.30% in the previous quarter.
Germany consumer confidence survey index improved in June
In Germany, the consumer confidence survey index rose to -26.00 in June, at par with market anticipations and compared to a level of -26.60 in the prior month.
FOMC meeting minutes: Fed hints at multiple rate hikes in future
Minutes of the Federal Reserve (Fed) May meeting revealed that officials stressed the need to raise interest rates quickly and possibly more than market anticipations to deal with rising inflation. The policymakers hinted of an increase in the benchmark interest rate by 50 basis points, but they also said similar hikes would be necessary at the next several meetings.
US durable goods orders advanced less than expected in April
In the US, durable goods orders rose 0.40% in April, compared to a revised rise of 0.60% in the previous month. Markets anticipations were for durable goods orders to record a rise of 0.60%.
US MBA mortgage applications dropped in the week of 20 May 2022
In the US, the MBA mortgage applications fell 1.20% on a weekly basis in the week of 20 May 2022, compared to a decline of 11.00% in the prior week.
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