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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB signals July rate hike
The ECB, in its latest monetary policy decision, kept its benchmark interest rate unchanged at 0.00% and revealed plans to end its stimulus programme. Meanwhile, the central bank announced that it intends to raise its key interest rates by 25 basis points at its July meeting and expects a further hike at the September meeting. The July hike would be the first in 11 years. Further, the ECB raised its 2022 inflation forecast to 6.8% from 5.1% and downgraded its growth forecast.
US initial jobless claims advanced more than expected in the week ended 3 June 2022
In the US, the number of initial jobless claims climbed to 229.00 K in the week ended 3 June 2022, compared to a revised level of 202.00 K in the previous week. Markets were expecting initial jobless claims to rise to 210.00 K.
Australia new home sales dropped in May
In Australia, the HIA new home sales fell 5.50% on a MoM basis in May, compared to a drop of 1.20% in the previous month.
China CPI advanced less than expected in May
In China, the CPI rose 2.10% on a YoY basis in May, compared to a similar rise in the prior month. Market anticipations were for the CPI to rise 2.20%.
China PPI climbed as expected in May
In China, the producer price index (PPI) advanced 6.40% on a YoY basis in May, at par with market expectations and compared to a rise of 8.00% in the prior month.
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