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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE increases its benchmark interest rate to a 14-year high
The BoE, at its November monetary policy meeting, raised its key interest rate by 0.50% point to 3.5%, the biggest hike since 1989. Further, the central bank signalled more increases in borrowing costs by the end of 2023.
ECB raises its key interest rate and reveals plans to shrink its bond holdings
The ECB, at its November monetary policy meeting, lifted its benchmark interest rate by 50 basis points to 2.0%. Further, the ECB President Christine Lagarde hinted that the central bank is expected to raise interest rates at a 50-basis-point pace for a period of time. Also, the ECB revealed plans to reduce its €5 trillion of bond holdings from March.
US initial jobless claims declined more than expected in the week ended 9 December 2022
In the US, initial jobless claims dropped to 211.00 K in the week ended 9 December 2022, compared to a revised reading of 231.00 K in the prior week. Markets were expecting initial jobless claims to drop to 230.00 K.
US retail sales fell more than anticipated in November
In the US, retail sales fell 0.60% on a MoM basis in November, compared to a rise of 1.30% in the previous month. Market anticipations were for retail sales to fall 0.10%.
US industrial production unexpectedly fell in November
In the US, industrial production unexpectedly fell 0.20% on a MoM basis in November, compared to a fall of 0.10% in the prior month. Market expectations were for industrial production to rise 0.10%.
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