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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Euro-zone industrial production rose less than expected in April
In the Euro-zone, industrial production rose 0.40% on a MoM basis in April, compared to a revised drop of 1.40% in the previous month. Markets were expecting industrial production to record a rise of 0.50%.
Euro-zone trade deficit unexpectedly widened in April
In the Euro-zone, trade deficit unexpectedly widened to €31.70 billion in April, compared to a revised deficit of €17.80 billion in the previous month. Markets anticipations were for trade deficit to narrow to €15.4 billion.
Fed raises key interest rate by 0.75%, the biggest increase since 1994
The US Fed, in its latest monetary policy decision, raised its benchmark interest rates by 75 basis points, the largest move it has made in a single meeting since 1994. The central bank indicated that it would continue lifting interest rates this year at the most rapid pace as it races to slow the economy and combat inflation that is running at a 40-year high. The Fed forecasted a slowing down of the country’s economy in the months to come, and a likely increase in the rate of unemployment.
US retail sales unexpectedly declined in May
In the US, retail sales unexpectedly dropped 0.30% on a MoM basis in May, compared to a revised rise of 0.70% in the prior month. Markets were anticipating retail sales to record a rise of 0.20%.
US housing market index fell more than anticipated in June
In the US, the NAHB housing market index fell to a level of 67.00 in June, compared to a reading of 69.00 in the prior month. Markets anticipations were for the index to fall to a level of 68.00.
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