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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK manufacturing PMI unexpectedly dropped in June
In the UK, the manufacturing PMI eased unexpectedly to a level of 48.00 in June, compared to a level of 49.40 in the prior month. Market anticipation was for the manufacturing PMI to climb to 49.50.
Euro-zone manufacturing PMI unexpected dropped in June
In the Euro-zone, the final manufacturing PMI fell unexpectedly to a level of 47.60 in June, compared to market expectations of a rise to a level of 47.80. The manufacturing PMI had registered a reading of 47.70 in the prior month.
Euro-zone unemployment rate surprisingly dropped in May
In the Euro-zone, the unemployment rate dropped unexpectedly to a level of 7.50% in May, compared to a level of 7.60% in the prior month. Market anticipation was for the unemployment rate to record a flat reading.
US Markit manufacturing PMI surprisingly climbed in June
In the US, the final manufacturing PMI advanced unexpectedly to a level of 50.60 in June, compared to a level of 50.50 in the previous month. Markets were anticipating the manufacturing PMI to drop to a level of 50.10.
RBA cuts its key interest rate
The Reserve Bank of Australia (RBA), at its July monetary policy meeting, trimmed its official cash rate to 1.00% from 1.25%, as widely expected. The RBA Governor, Philip Lowe, stated that the decision was taken with an aim to support employment growth and provide greater confidence that inflation will be consistent with the medium-term target.
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