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Guardian Stockbrokers Key Economic News Monday 6 March 2017

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

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UK services PMI dropped in February

In February, the services PMI in the UK recorded a drop to 53.30, compared to market expectations of a drop to 54.10. In the previous month, the services PMI had registered a reading of 54.50.

UK official reserves rose in February

Official reserves in the UK advanced $360.00 million, in February. Official reserves had registered a rise of $810.00 million in the prior month.

Euro-zone retail sales unexpectedly slid in January

On a MoM basis, the seasonally adjusted retail sales in the Euro-zone registered an unexpected drop of 0.10% in January, lower than market expectations for an advance of 0.30%. Retail sales had registered a revised drop of 0.50% in the prior month.

Euro-zone composite PMI climbed in February

The final composite PMI advanced to 56.00 in February, in the Euro-zone, at par with market expectations. Composite PMI had registered a level of 54.40 in the prior month. The preliminary figures had also recorded an advance to 56.00.

Euro-zone services PMI climbed in February

In February, the final services PMI advanced to 55.50 in the Euro-zone, compared to market expectations of a rise to 55.60. Services PMI had recorded a level of 53.70 in the prior month. The preliminary figures had indicated a rise to 55.60.

German retail sales advanced more than expected in January

Retail sales recorded a rise of 2.30% on a YoY basis in January, in Germany, compared to a revised advance of 0.40% in the previous month. Markets were anticipating retail sales to rise 0.70%.

German retail sales unexpectedly slid in January

On a MoM basis, in Germany, retail sales unexpectedly fell 0.80% in January, lower than market expectations for a rise of 0.30%. In the previous month, retail sales had registered a revised flat reading.

German services PMI climbed in February

In February, the final services PMI recorded a rise to 54.40 in Germany, compared to a level of 53.40 in the previous month. Market expectation was for services PMI to advance to a level of 54.40. The preliminary figures had also recorded a rise to 54.40.

French services PMI advanced in February

The final services PMI in France recorded a rise to 56.40 in February, compared to a level of 54.10 in the prior month. The preliminary figures had indicated a rise to 56.70. Markets were anticipating services PMI to rise to a level of 56.70.

Italian services PMI climbed in February

The services PMI rose to a level of 54.10 in February, in Italy, higher than market expectations of a rise to a level of 52.80. In the prior month, the services PMI had registered a reading of 52.40.

Italian GDP advanced as expected in 4Q 2016

The final gross domestic product (GDP) climbed 0.20% in Italy on a quarterly basis in 4Q 2016, compared to an advance of 0.30% in the previous quarter. The preliminary figures had also indicated a rise of 0.20%. Markets were anticipating the GDP to rise 0.20%.

Spanish services PMI climbed in February

In Spain, the services PMI registered a rise to 57.70 in February, compared to market expectations of an advance to a level of 55.20. The services PMI had registered a level of 54.20 in the previous month.

US Markit services PMI dropped in February

In February, the final Markit services PMI in the US registered a drop to 53.80, compared to a reading of 55.60 in the previous month. Markets were expecting Markit services PMI to fall to 54.00. The preliminary figures had recorded a fall to 53.90.

US non-manufacturing PMI climbed surprisingly in February

In February, the non-manufacturing PMI in the US recorded an unexpected rise to 57.60, compared to market expectations of an unchanged reading. In the previous month, the non-manufacturing PMI had registered a reading of 56.50.

US Markit composite PMI dropped in February

The final Markit composite PMI registered a drop to 54.10 in the US, in February, compared to a reading of 55.80 in the prior month. The preliminary figures had recorded a fall to 54.30.

Fed’s Yellen hinted at March interest rate hike

The Federal Reserve (Fed) Chairwoman, Janet Yellen, dropped a strong hint that an interest rate hike is on the way later this month. She stated that another hike “would likely be appropriate” if US employment and inflation continue to evolve in line with expectations of the policy making committee. She further added that the process of scaling back accommodation will not be as slow as it was in 2015 and 2016.

Japanese consumer confidence index eased unexpectedly in February

In Japan, the consumer confidence index registered an unexpected drop to a level of 43.10 in February, lower than market expectations of an advance to a level of 43.50. In the prior month, the consumer confidence index had registered a level of 43.20.

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