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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK manufacturing PMI dropped in May
In the UK, the manufacturing PMI dropped to a level of 49.40 in May, compared to market expectations of a fall to a level of 52.20. The index had registered a reading of 53.10 in the prior month.
Euro-zone manufacturing PMI eased in May
In the Euro-zone, the manufacturing PMI registered a drop to a level of 47.70 in May, at par with market expectations. In the previous month, the index had recorded a level of 47.90.
German manufacturing PMI declined in May
In Germany, the final manufacturing PMI fell to a level of 44.30 in May, compared to a reading of 44.40 in the previous month. Market anticipation was for the index to drop to a level of 44.30.
US ISM manufacturing PMI unexpectedly dropped in May
In the US, the ISM manufacturing PMI recorded an unexpected drop to a level of 52.10 in May, compared to market expectations of an advance to a level of 53.00. In the previous month, the index had recorded a level of 52.80.
RBA slashes its interest rate, forecasts stronger economic growth in 2019 and 2020
The Reserve Bank of Australia (RBA), at its June monetary policy meeting, trimmed its official cash rate to 1.25% from 1.50%, as widely expected, with an aim to faster progress in reducing unemployment and achieve more assured progress towards the inflation target. In a post-meeting statement, the central bank stated that the officials now expect the Australian economy to grow by around 2.75% in 2019 and 2020, while expects underlying inflation to be 1.75% for 2019, 2.0% in 2020 and a little higher after that.
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