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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK GDP grew as expected in April
In the UK, GDP rose 0.20% on a MoM basis in April, at par with market expectations and compared to a fall of 0.30% in the previous month.
UK industrial production dropped more than anticipated in April
In the UK, industrial production fell 0.30% on a MoM basis in April, compared to a rise of 0.70% in the prior month. Markets were expecting industrial production to drop 0.10%.
UK manufacturing production fell more than expected in April
In the UK, manufacturing production declined 0.30% on MoM basis in April, compared to a rise of 0.70% in the previous month. Market anticipations were for manufacturing production to fall 0.20%.
Euro-zone industrial production advanced more than expected in April
In the Euro-zone, industrial production rose 1.00% on a MoM basis in April, compared to a revised fall of 3.80% in the prior month. Markets were expecting industrial production to rise 0.80%.
US PPI rose less than anticipated in May
In the US, the PPI advanced 1.10% on a YoY basis in May, compared to a rise of 2.30% in the prior month. Markets were expecting the index to rise 1.50%.
Federal Reserve kept its key interest rate unchanged
The US Federal Reserve kept its key interest rate unchanged at 5.25%, as expected and registering its first time the central bank has left rates unchanged since January 2022. However, the Fed plans to resume raising rates later this year, forecasting a rate of 5.6% by the end of 2023.
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