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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
German consumer confidence index declined in August
In Germany, the GfK consumer confidence dropped to -30.60 in August, compared to a revised level of -27.70 in the previous month.
US Fed raises key interest rate
The Fed, in its July monetary policy meeting, raised its benchmark interest rate by 0.75% a range of 2.25%-2.50%, as widely expected, to combat rising inflation. Further, Fed Chair Jerome Powell, in his post-meeting press conference, reiterated the central bank’s strong commitment to reducing inflation but hinted at a slowdown in the pace of rate hikes.
US goods trade deficit narrowed in June
In the US, goods trade deficit narrowed to $98.2 billion in June, compared to a deficit of $105.0 billion in the prior month.
US durable goods orders unexpectedly advanced in June
In the US, durable goods orders unexpectedly climbed 1.90% in June, compared to a revised rise of 0.80% in the previous month. Markets were expecting durable goods orders to fall 0.40%.
US pending home sales declined more than anticipated in June
In the US, pending home sales fell 8.60% on a MoM basis in June, compared to a revised rise of 0.40% in the prior month. Market anticipations were for pending home sales to record a drop of 1.50%
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