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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
US consumer confidence index eased in June
In the US, the consumer confidence index fell to a level of 121.50 in June, compared to market expectations of a fall to a level of 131.00. In the previous month, the index had recorded a revised reading of 131.30.
US Richmond Fed manufacturing index dropped in June
In the US, the Richmond Fed manufacturing index registered a drop to a level of 3.00 in June, compared to market expectations of a drop to a level of 2.00. The index had registered a reading of 5.00 in the prior month.
US new home sales unexpectedly fell in May
In the US, new home sales unexpectedly eased to a level of 626.00 K on a MoM basis in May, lower than market expectations of 684.00 K. The new home sales had registered a revised level of 679.00 K in the previous month.
Powell: Fed likely to cut interest rates if needed
The US Federal Reserve (Fed) Chairman, Jerome Powell, indicated that the central bank is monitoring whether an interest rate cut will be needed in order to avoid the impact of trade risks and economic uncertainties. Moreover, he reiterated that its inflation remains below the central bank’s 2.0% target, amid slowdown in wage growth.
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