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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Euro-zone GDP rose more than expected in 2Q 2019
In the Eurozone, the seasonally adjusted flash gross domestic product (GDP) climbed 1.10% on a YoY basis in 2Q 2019, more than market expectations for a rise of 1.00%. In the prior quarter, GDP had registered a rise of 1.20%.
Euro-zone unemployment rate eased in June
In the Euro-zone, the unemployment rate recorded a drop to a level of 7.50% in June, at par with market expectations. In the prior month, the unemployment rate had recorded a revised level of 7.60%.
Euro-zone CPI rose less than expected in July
In the Euro-zone, the core consumer price index (CPI) increased 0.9% on a YoY basis in July, compared to a rise of 1.30% in the prior month. Markets were anticipating the CPI to rise 1.10%.
US Chicago Fed PMI surprisingly dropped in July
In the US, the Chicago Fed purchasing managers index (PMI) fell unexpectedly to a level of 44.40 in July, compared to market expectations of a rise to a reading of 51.00. The index had registered a level of 49.70 in the previous month.
Fed cuts interest rates for the first time since 2008
The US Fed, at its July monetary policy meeting, slashed its benchmark interest rate for the first time since 2008 to a target range of 2.00% to 2.25%, citing global economic concerns and muted US inflation. Further, the central bank stated that it will act as appropriate to sustain the expansion. Meanwhile, the US Fed Chairman, Jerome Powell, stressed that weak global growth and US-China trade war have disrupted US as well as world economy.
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