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Guardian Stockbrokers Key Economic News Thursday 8 June 2023

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The key points from today’s economic news, brought to you by Guardian Stockbrokers.

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UK Halifax house prices remained dropped more than expected in May

In the UK, the Halifax house prices fell 1.00% on a YoY basis in May, compared to a rise of 1.00% in the previous month. Markets were expecting prices to drop 0.95%.

UK RICS housing price balance index advanced more than expected in May

In the UK, the RICS housing price balance index rose to -30.00 in May, compared to a level of -39.00 in the previous month. Markets were expecting the index to rise to -38.00.

German industrial production rose less than anticipated in April

In Germany, industrial production advanced 0.30% on a MoM basis in April, compared to a revised fall of 2.10% in the prior month. Markets were expecting industrial production to rise 0.60%.

US MBA mortgage applications dropped in the week ended 02 June 2023

In the US, the MBA mortgage applications fell 1.40% in the week ended 02 June 2023, compared to a drop of 3.70% in the prior week.

OECD raises its global growth outlook for 2023

The Organisation for Economic Cooperation and Development (OECD) slightly raised its growth outlook for the world economy and forecasted that the global economy is set to expand at a moderate pace of 2.7% in 2023 and 2.9% in 2024. Moreover, the OECD expects the US Federal Reserve’s key interest rate to reach 5.25%-5.5%, with modest rate cuts in 2H24, and raised its growth forecast for the US economy to grow by 1.6% this year. However, the organisation forecasted the Chinese economy to grow by 5.4% in 2023. Also, Britain’s economic growth would expand to 1.0% in 2024 from 0.3% in 2023 following an improvement in real income growth.

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