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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB raises its key interest rate
The European Central Bank (ECB) raised its benchmark policy rate by another 25 basis points to 4.0% from 3.75% earlier, as widely expected. Further, the central bank cautioned that it could hike further rates to contain high inflation. Meanwhile, the Euro-zone’s economy is now projected to grow by 0.9% this year, 1.5% next year and 1.6% in 2025.
US retail sales unexpectedly rose in May
In the US, retail sales unexpectedly advanced 0.30% in May, compared to a rise of 0.40% in the prior month. Markets were expecting retail sales to drop 0.1%.
US initial jobless claims remained unchanged in the week ended 10 June 2023
In the US, initial jobless claims remained unchanged at 262.00 K in the week ended 09 June 2023. Markets were expecting the jobless claims to drop to 249.00 K.
US Philadelphia Fed manufacturing index fell less than expected in June
In the US, the Philadelphia Fed manufacturing index dropped to -13.70 in June, compared to a level of -10.40 in the previous month. Markets were expecting the index to drop to -14.00.
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