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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE left interest rate unchanged, revised up growth forecasts amid Pound spike
The Bank of England (BoE) held the benchmark interest rate steady at a record low 0.25%, after the British economy showed unexpected resilience following the Brexit vote. In the quarterly inflation report, the central bank hiked its 2017 inflation forecast to 2.7% from its August estimate of 2.0%, citing the pronounced tumble in Sterling. Further, the BoE also revised up its economic growth forecast. While the 2016 GDP is seen at 2.2%, 0.2% higher than its previous forecast, the bank’s GDP estimate for 2017 has been catapulted skywards to 1.4%, from 0.8%.
UK official reserves advanced in October
Official reserves in the UK recorded a rise of $1156.00 million, in October. Official reserves had registered a rise of $722.00 million in the previous month.
UK services PMI rose surprisingly in October
In the UK, the services PMI climbed unexpectedly to a level of 54.50 in October, higher than market expectations of a drop to a level of 52.50. The services PMI had registered a level of 52.60 in the prior month.
UK BoE asset purchase facility remains flat in *No frequency defined*
In the UK, BoE asset purchase facility remained flat at a level of £435.00 billion in *No frequency defined*. Markets were anticipating BoE asset purchase facility to remain unchanged.
Euro-zone unemployment rate remained steady in September
The unemployment rate in the Euro-zone remained steady at a level of 10.00% in September, in line with market expectations.
Italian unemployment rate advanced surprisingly in September
In September, unemployment rate advanced unexpectedly to a level of 11.70% in Italy, compared to a revised reading of 11.50% in the prior month. Markets were expecting unemployment rate to fall to 11.40%.
Number of people unemployed in Spain recorded an increase in October
Number of people unemployed advanced by 44.70 K in Spain, in October, lower than market expectations of an advance of 77.00 K. Number of people unemployed had recorded a gain of 22.80 K in the previous month.
Swiss SECO consumer climate climbed in 4Q 2016
The SECO consumer climate in Switzerland rose to a level of -13.00 in 4Q 2016, compared to a level of -15.00 in the previous quarter. Markets were anticipating the SECO consumer climate to climb to a level of -13.00.
US durable goods orders dropped more than expected in September
In September, the final durable goods orders eased 0.30% on a monthly basis in the US, higher than market expectations for a fall of 0.10%. The preliminary figures had recorded a drop of 0.10%. In the previous month, durable goods orders had risen by a revised 0.30%.
US Markit services PMI advanced in October
The final Markit services PMI recorded a rise to 54.80 in the US, in October, compared to a reading of 52.30 in the previous month. The preliminary figures had also recorded an advance to 54.80. Markets were expecting Markit services PMI to rise to a level of.
US non-farm business productivity advanced more than expected in 3Q 2016
In 3Q 2016, the flash non-farm business productivity in the US registered a rise of 3.10% on a quarterly basis, higher than market expectations for a rise of 2.10%. In the prior quarter, the non-farm business productivity had fallen 0.60%.
US number of planned layoffs by US companies recorded a drop in October
On an annual basis, the number of planned layoffs by US companies in the US recorded a drop of 39.10% in October. In the prior month, the number of planned layoffs by US companies had dropped 24.70%.
US continuing jobless claims slid unexpectedly in the last week
In the week ended 22 October 2016, the seasonally adjusted continuing jobless claims recorded an unexpected drop to a level of 2026.00 K in the US, compared to market expectations of a rise to 2043.00 K. Continuing jobless claims had recorded a revised level of 2040.00 K in the prior week.
US non-defence capital goods orders (ex aircraft) recorded a drop in September
The final non-defence capital goods orders (ex aircraft) in the US registered a drop of 1.30% in September, on a MoM basis. In the prior month, the non-defence capital goods orders (ex aircraft) had risen by a revised 1.20%. The preliminary figures had indicated a fall of 1.20%.
US non-manufacturing PMI declined in October
In October, the non-manufacturing PMI fell to a level of 54.80 in the US, lower than market expectations of a drop to a level of 56.00. The non-manufacturing PMI had recorded a level of 57.10 in the previous month.
US factory orders advanced more than expected in September
Factory orders in the US advanced 0.30% in September on a MoM basis, higher than market expectations for an advance of 0.20%. Factory orders had registered a revised rise of 0.40% in the previous month.
US initial jobless claims rose surprisingly in the last week
The seasonally adjusted initial jobless claims recorded an unexpected rise to a level of 265.00 K in the US, in the week ended 29 October 2016, compared to a level of 258.00 K in the previous week. Markets were expecting initial jobless claims to drop to a level of 256.00 K.
US Markit composite PMI recorded a rise in October
In October, the final Markit composite PMI in the US registered a rise to 54.90. Markit composite PMI had registered a reading of 52.30 in the prior month. The preliminary figures had also recorded an advance to 54.90.
US durable goods orders (ex transportation) rose as expected in September
In September, the final durable goods orders (ex transportation) climbed 0.10% on a MoM basis in the US, in line with market expectations. The preliminary figures had recorded an advance of 0.20%. Durable goods orders (ex transportation) had registered a revised similar rise in the prior month.
US non-defence capital goods shipments (ex aircraft) climbed in September
The final non-defence capital goods shipments (ex aircraft) rose 0.40% on a MoM basis in the US, in September. The non-defence capital goods shipments (ex aircraft) had registered a revised unchanged reading in the prior month. The preliminary figures had recorded a rise of 0.30%.
US unit labour costs in non-farm businesses rose less than expected in 3Q 2016
In 3Q 2016, on a quarterly basis, the flash unit labour costs in non-farm businesses registered a rise of 0.30% in the US, less than market expectations for a rise of 1.20%. In the prior quarter, the unit labour costs in non-farm businesses had advanced 4.30%.
Foreign investors became net buyers of Japanese stocks in the previous week
Foreign investors remained net buyers of ¥108.90 billion worth of Japanese stocks in the week ended 28 October 2016, as compared to being net buyers of a revised ¥85.20 billion worth of Japanese stocks in the previous week.
Japanese investors became net buyers of foreign bonds in the previous week
Japanese investors remained net buyers of ¥891.90 billion worth of foreign bonds in the week ended 28 October 2016, as compared to being net buyers of a revised ¥774.20 billion worth of foreign bonds in the prior week.
Foreign investors became net sellers of Japanese bonds in the previous week
Foreign investors were net sellers of ¥267.80 billion worth of Japanese bonds in the week ended 28 October 2016, as compared to being net sellers of ¥752.50 billion worth of Japanese bonds in the prior week.
Japanese investors turned net buyers of foreign stocks in the previous week
Japanese investors turned net buyers of ¥207.10 billion worth of foreign stocks in the week ended 28 October 2016, from being net sellers of ¥5.60 billion worth of foreign stocks in the previous week.
Japanese Markit composite PMI recorded a rise in October
In October, Markit composite PMI in Japan recorded a rise to 51.30. In the prior month, Markit composite PMI had registered a level of 48.90.
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