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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), in its July monetary policy meeting, raised its benchmark interest rate by 25 basis points to 3.75%, reaching its highest level in 23 years, but raised the possibility for a pause in September.
German GfK consumer confidence index rose more than expected in August
In Germany, the GfK consumer confidence index advanced to -24.40 in August, compared to a revised level of -25.20 in the prior month. Markets were expecting the consumer confidence index to rise to -24.70.
US durable goods orders advanced more than anticipated in June
In the US, durable goods orders rose 4.70% in June, compared to a revised rise of 1.80% in the previous month. Markets were expecting durable goods orders to rise 1.00%.
US annualised GDP grew more than expected in 2Q23
In the US, annualised GDP climbed 2.40% in 2Q23, compared to a rise of 2.00% in the previous quarter. Market anticipations were for GDP to rise 1.80%.
US initial jobless claims unexpectedly dropped in the week ended 21 July 2023
In the US, initial jobless claims unexpectedly fell to 221.00K in the week ended 21 July 2023, compared to a level of 228.00K in the previous week.
US pending home sales unexpectedly rose in June
In the US, pending home sales unexpectedly advanced 0.30% on a MoM basis in June, compared to a revised drop of 2.50% in the previous month.
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