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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Euro-zone manufacturing PMI dropped more than expected in October
In the Euro-zone, the S&P Global manufacturing PMI fell to 46.40 in October, compared to a reading of 48.40 in the prior month. Markets were expecting the manufacturing PMI to fall to 46.60.
German manufacturing PMI fell more than expected in October
In Germany, the final manufacturing PMI dropped to 45.10 in October, compared to a reading of 47.80 in the prior month. Markets were expecting the manufacturing PMI to drop to 45.70.
German unemployment rate remained unchanged in October
In Germany, unemployment rate remained unchanged at 5.50% in October, at par with market expectations.
Fed raises its key interest rate by 75 basis points
The US Fed, in its November monetary policy meeting, raised its benchmark interest rate hike by 75 basis points to a range of 3.75% and 4.00%, its highest rate since early 2008. Fed Chairman, Jerome Powell stated it was “very premature” to discuss when the Fed might pause its rate hikes and were determined to “stay the course until the job’s done.
US ADP employment advanced more than expected in October
In the US, private employment climbed by 239.00K in October, compared to a revised reading of 192.00K in the previous month. Market expectations were for the employment change to rise by 195.00K.
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