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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB raises its key interest rate by 75 basis points
The ECB, in its latest monetary policy decision, raised its benchmark interest rate by 75 basis points to 1.25%. Further, the central bank
indicated that it expects to increase interest rates further as inflation remains too high and is likely to stay above target for an extended period.
Powell says Fed to continue raising rates to curb inflation
Fed Chairman, Jerome Powell, in his latest speech, stated that the US central bank would continue to increase its key interest rates to tame rising inflation and warned against prematurely loosening monetary policy.
US number of initial jobless claims unexpectedly dropped in the week ended 02 September 2022
In the US, the seasonally adjusted number of initial jobless claims recorded an unexpected drop to a level of 222.00 K in the week ended 2 September 2022, compared to a revised reading of 228.00 K in the previous week. Markets were expecting the initial jobless claims to record an advance to 240.00 K.
US consumer credit rose in July
In the US, consumer credit rose by $23.81 billion in July, compared to a rise of $40.15 billion in the prior month.
Chinese CPI climbed less than expected in August
In China, the consumer price index (CPI) recorded a rise of 2.50% on a YoY basis in August, compared to an advance of 2.70% in the prior month. Market expectations were for the CPI to climb 2.80%.
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