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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB lifted its key interest rate
The ECB, in its March monetary policy meeting, raised its benchmark interest rates by 50 basis points to 3.50%, as expected. The central bank indicated that it is ready to provide liquidity to banks if required, amid recent crisis in the banking sector. Further, the ECB revised its inflation expectations. It now sees headline inflation averaging 5.3% this year, followed by 2.9% in 2024.
US building permits unexpectedly rose in February
In the US, building permits unexpectedly jumped 13.80% on a MoM basis in February, compared to a rise of 0.10% in the previous month.
US housing starts unexpectedly advanced in February
In the US, housing starts unexpectedly rose 9.80% on a MoM basis in February, compared to a revised drop of 2.0% in the prior month.
US initial jobless claims dropped more than expected in the week ended 10 March 2023
In the US, initial jobless claims fell to 192.00K in the week ended 10 March 2023, compared a revised level of 212.00K in the previous week. Market anticipations were for initial jobless claims to fall to 205.00K.
US Philadelphia Fed manufacturing index rose less than expected in March
In the US, the Philadelphia Fed manufacturing index rose to a level of -23.20 in March, less than market expectations for a rise to a level of -14.50. In the previous month, the Philadelphia Fed manufacturing index had recorded a level of -24.30.
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