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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE’s Governor Bailey speech claims that the energy bailout could change the plan to sell gilts.
Bank of England (BoE) Governor, Andrew Bailey, in his latest speech stated that the central bank may revise plans to start selling gilts next month if the market is unable to absorb the massive issuance required to support the government’s energy bill rescue programme. Further, he added that the amount of bonds the BoE plans to sell or the start date of the program could be reviewed considering the energy bail out.
UK house prices index rose less than anticipated in August
In the UK, the Halifax house prices index rose 0.40% on a MoM basis in August, compared to a drop of 0.10% in the prior month. Market anticipations were for the house price index to record a rise of 1.50%.
Euro-zone GDP advanced more than anticipated in 2Q 2022
In the Euro-zone, GDP climbed 0.80% on a QoQ basis in 2Q 2022, compared to a rise of 0.60% in the prior quarter. Markets were anticipating GDP to record a rise of 0.60%.
German industrial production dropped less than expected in July
In Germany, industrial production fell 0.30% on a MoM basis in July, compared to a revised rise of 0.8% in the previous month. Markets were expecting industrial production to record a fall of 0.50%.
Beige Book: US economy grew slightly through the end August
According to the US Federal Reserve’s (Fed) latest Beige Book report, the US economy grew slightly through the end August, but outlook for the economy over the next year “remained generally weak”, amid rising interest rates and worrying labour and supply shortages. The report indicated that the sharp increase in prices earlier in the year has started to fade, but that inflation “remained elevated”. Further, it reported that shortages of labour and supplies also posed problems for the economy.
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