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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE held benchmark interest rate steady, slashed growth forecast
The Bank of England’s (BoE) monetary policy committee voted 6-2 to hold the key interest rate steady at 0.25%. The central bank also left unchanged the size of its asset purchase programme at £435.00 billion and its corporate-bond purchase programme at £10.00 billion. The BoE Governor, Mark Carney, reiterated that uncertainty about Brexit will weigh on growth in the coming years and the central bank expects the UK economy to grow by 1.70% in 2017 and 1.60% next year, down from 1.90% and 1.70%, respectively, as per its last inflation report in May. Inflation is expected to peak at around 3.00% by October 2017, before gradually moderating, and falling to 2.20% by 2020.
UK services PMI advanced in July
In July, the services PMI registered a rise to 53.80 in the UK, higher than market expectations of a rise to 53.60. The services PMI had registered a level of 53.40 in the previous month.
UK official reserves rose in July
In July, official reserves advanced $1273.00 million in the UK. Official reserves had registered a rise of $491.00 million in the prior month.
Euro-zone composite PMI fell in July
In the Euro-zone, the final composite PMI eased to 55.70 in July, compared to a level of 56.30 in the prior month. The preliminary figures had recorded a fall to 55.80. Markets were anticipating composite PMI to fall to a level of 55.80.
Euro-zone retail sales rose more than expected in June
In June, the seasonally adjusted retail sales in the Euro-zone climbed 3.10% on a YoY basis, more than market expectations for an advance of 2.50%. Retail sales had registered a revised rise of 2.40% in the previous month.
Euro-zone retail sales unexpectedly advanced in June
In June, on a monthly basis, the seasonally adjusted retail sales unexpectedly advanced 0.50% in the Euro-zone, compared to a rise of 0.40% in the previous month. Market anticipation was for retail sales to record an unchanged reading.
Euro-zone services PMI steadied in July
In July, the final services PMI in the Euro-zone remained steady at 55.40, meeting market expectations. The preliminary figures had also indicated a flat reading.
German services PMI dropped in July
The final services PMI eased to 53.10 in Germany, in July, compared to a reading of 54.00 in the previous month. Market expectation was for services PMI to ease to a level of 53.50. The preliminary figures had indicated a fall to 53.50.
French services PMI declined in July
The final services PMI in France dropped to 56.00 in July, compared to market expectations of a fall to a level of 55.90. The preliminary figures had indicated a fall to 55.90. In the previous month, services PMI had recorded a reading of 56.90.
Italian services PMI rose in July
The services PMI in Italy advanced to 56.30 in July, compared to a reading of 53.60 in the previous month. Market expectation was for the services PMI to climb to a level of 54.10.
Spanish services PMI surprisingly fell in July
In July, the services PMI recorded an unexpected drop to 57.60 in Spain, compared to market expectations of a rise to 58.50. The services PMI had registered a level of 58.30 in the previous month.
US non-defence capital goods shipments (ex aircraft) advanced in June
In June, on a MoM basis, the final non-defence capital goods shipments (ex aircraft) in the US climbed 0.10%. The non-defence capital goods shipments (ex aircraft) had advanced by a revised 0.40% in the previous month. The preliminary figures had indicated a rise of 0.20%.
US non-manufacturing PMI dropped in July
The non-manufacturing PMI registered a drop to 53.90 in the US, in July, lower than market expectations of a fall to 56.90. The non-manufacturing PMI had recorded a reading of 57.40 in the previous month.
US non-defence capital goods orders (ex aircraft) remained unchanged in June
The final non-defence capital goods orders (ex aircraft) remained flat on a monthly basis in the US, in June. The non-defence capital goods orders (ex aircraft) had climbed by a revised 0.70% in the prior month. The preliminary figures had recorded a drop of 0.10%.
US initial jobless claims declined in the last week
The seasonally adjusted initial jobless claims recorded a drop to 240.00 K in the week ended 29 July 2017, in the US, lower than market expectations of a fall to a level of 243.00 K. In the prior week, initial jobless claims had recorded a revised reading of 245.00 K.
US Markit composite PMI advanced in July
In the US, the final Markit composite PMI recorded a rise to 54.60 in July, compared to a revised level of 53.90 in the prior month. The preliminary figures had recorded an advance to 54.20.
US durable goods orders rose in June
The final durable goods orders in the US climbed 6.40% in June, on a monthly basis. In the prior month, durable goods orders had fallen by a revised 0.10%. The preliminary figures had indicated an advance of 6.50%.
US factory orders advanced as expected in June
In June, factory orders in the US recorded a rise of 3.00% on a MoM basis, at par with market expectations. In the previous month, factory orders had recorded a revised drop of 0.30%.
US durable goods orders (ex transportation) rose in June
The final durable goods orders (ex transportation) in the US recorded a rise of 0.10% on a MoM basis, in June. Durable goods orders (ex transportation) had advanced by a revised 0.60% in the prior month. The preliminary figures had indicated an advance of 0.20%.
US Markit services PMI unexpectedly climbed in July
In July, the final Markit services PMI in the US registered an unexpected rise to 54.70, compared to a reading of 54.20 in the previous month. Markets were expecting Markit services PMI to remain unchanged. The preliminary figures had indicated a steady reading.
US continuing jobless claims surprisingly advanced in the last week
The seasonally adjusted continuing jobless claims registered an unexpected rise to a level of 1968.00 K in the week ended 22 July 2017, in the US, compared to a revised level of 1965.00 K in the previous week. Market anticipation was for continuing jobless claims to fall to a level of 1958.00 K.
US number of planned layoffs by US companies fell in July
The number of planned layoffs by US companies dropped 37.60% on a YoY basis in the US, in July. The number of planned layoffs by US companies had dropped 19.30% in the previous month.
US number of planned layoffs by US companies dropped in July
The number of planned layoffs by US companies registered a drop to 28.30 K in the US, in July. The number of planned layoffs by US companies had recorded a reading of 31.10 K in the prior month.
Japanese labour cash earnings unexpectedly slid in June
On a YoY basis, labour cash earnings unexpectedly dropped 0.40% in Japan, in June, less than market expectations for a rise of 0.50%. Labour cash earnings had risen 0.70% in the prior month.
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