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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB kept its key interest rate unchanged
The European Central Bank (ECB), at its January monetary policy meeting, maintained its key interest rate unchanged at 0.00%, at par with market expectations. Meanwhile, the ECB Chief, Mario Draghi, struck a relatively downbeat tone on the economic outlook and warned that economic growth in the Euro-zone had shifted to the downside. Also, he reiterated that the interest rates would remain at their record low level through the summer of 2019, citing several external factors like economic slowdown in China and Brexit.
Euro-zone manufacturing PMI unexpectedly eased in January
The preliminary manufacturing PMI in the Euro-zone registered an unexpected drop to a level of 50.50 in January, compared to a reading of 51.40 in the prior month. Market anticipation was for the index to record a steady reading.
Euro-zone services PMI unexpectedly declined in January
The flash services PMI in the Euro-zone recorded an unexpected drop to a level of 50.80 in January, compared to a level of 51.20 in the previous month. Market anticipation was for the index to rise to a level of 51.50.
German manufacturing PMI surprisingly fell in January
The flash manufacturing PMI in Germany recorded an unexpected drop to a level of 49.90 in January, lower than market expectations of an unchanged reading. The index had recorded a level of 51.50 in the prior month.
US Markit manufacturing PMI surprisingly rose in January
In the US, the preliminary Markit manufacturing PMI unexpectedly climbed to a level of 54.90 in January, compared to a reading of 53.80 in the prior month. Market anticipation was for the index to ease to a level of 53.50.
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