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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK construction PMI surprisingly slid in September
In the UK, the construction PMI unexpectedly dropped to a level of 52.10 in September, compared to a level of 52.90 in the prior month. Markets were expecting the index to record a steady reading.
UK house prices advanced more than expected in September
In the UK, the seasonally adjusted house prices advanced 0.30% in September on a MoM basis, compared to a drop of 0.50% in the previous month. Markets were anticipating house prices to advance 0.20%.
Euro-zone PPI advanced more than expected in August
On a MoM basis, the Euro-zone producer price index (PPI) advanced 0.30% in August, compared to a revised rise of 0.70% in the previous month. Market anticipation was for the PPI to rise 0.20%.
Powell supported gradual rate hikes
The US Fed Chairman, Jerome Powell, signalled at gradual pace of interest rate hikes in future. Further, he stated that inflation remained near its 2.0% target despite low unemployment, while reiterated that the central bank stands ready to act with authority if inflation expectations drifted materially up or down.
Japan services PMI declined in September
In Japan, services PMI recorded a drop to a level of 50.20 in September. In the previous month, the index had registered a level of 51.50.
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