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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE raises its key interest rate for the 14th time
The Bank of England (BoE), at its July monetary policy meeting, raised its benchmark interest rate by 25 basis points to 5.25%, reaching its the highest level since 2008, and indicated that borrowing costs were likely to stay high for some time.
UK S&P Global/CIPS services PMI fell as expected in July
In the UK, the S&P Global/CIPS services PMI dropped to 51.50 in July, at par with market expectations and compared to a level of 53.70 in the previous month.
Euro-zone HCOB services PMI dropped more than anticipated in July
In the Euro-zone, the HCOB services PMI fell to 50.90 in July, compared to a level of 52.00 in the prior month. Markets were expecting the PMI to drop to 51.10.
Euro-zone PPI declined more than expected in June
In the Euro-zone, the PPI dropped 3.40% on a YoY basis in June, compared to a revised fall of 1.60% in the previous month. Markets were expecting the index to fall to 3.10%.
German trade surplus widened more than expected in June
In Germany, trade surplus widened to €18.70 billion in June, compared to a revised surplus of €14.60 billion in the prior month. Markets were expecting trade surplus to widen to €15.00 billion.
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