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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE kept its key interest rate steady, downgraded growth forecast for 2019 and 2020
The Bank of England’s (BoE) Monetary Policy Committee unanimously agreed to keep its benchmark interest rate unchanged at 0.75% and its asset purchase facility at £435.0 billion, as widely expected. In an accompanying statement, the central bank signalled that the economic growth forecast for current year remains subdued, citing Brexit uncertainties. In its quarterly inflation report, the BoE trimmed its annual economic growth forecasts to 1.20% for this year from its prior estimate of 1.70%. Additionally, overall growth estimate for 2020 was revised down to 1.50% from 1.70%.
ECB Bulletin: Eurozone’s economic growth to decelerate further
The European Central Bank (ECB), in its latest economic bulletin, stated that the Euro-zone economy is likely to decelerate further, downside risks have been increasing. Also, it has trimmed the region’s GDP growth forecast to 1.3% from 1.9% for 2019 and to 1.6% from 1.7% for 2020.
German industrial production surprisingly fell in December
On a monthly basis, the seasonally adjusted industrial production in Germany unexpectedly fell 0.40% in December, less than market expectations for an advance of 0.80%. Industrial production had dropped by a revised 1.30% in the prior month.
US initial jobless claims dropped in the last week
In the US, the seasonally adjusted initial jobless claims registered a drop to a level of 234.00 K in the week ended 02 February 2019, compared to a reading of 253.00 K in the previous week. Markets were anticipating initial jobless claims to drop to a level of 221.00 K.
US consumer credit advanced less than expected in December
Consumer credit in the US rose $16.55 billion in December, compared to a revised rise of $22.41 billion in the prior month. Markets were anticipating consumer credit to advance $17.00 billion.
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