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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK manufacturing PMI steadied in July
In the UK, the manufacturing PMI remained steady at a level of 48.00 in July. Markets were expecting the index to fall to a level of 47.60.
Euro-zone manufacturing PMI declined in July
In the Euro-zone, the final manufacturing PMI recorded a drop to a level of 46.50 in July, compared to market expectations of a fall to a level of 46.40. In the previous month, the index had recorded a level of 47.60.
US manufacturing PMI declined in July
In the US, the final Markit manufacturing PMI dropped to a level of 50.40 in July, compared to market expectations of a fall to a level of 50.10. In the prior month, the Markit manufacturing PMI had recorded a reading of 50.60.
BoE keeps interest rates unchanged, slashes UK growth forecast
The Bank of England (BoE), in its July monetary policy meeting, kept its benchmark interest rate unchanged at 0.75%, as widely expected and indicated that the policymakers are in no rush for a near-term move in monetary policy, amid rising uncertainties over no-deal Brexit. Further, the central bank trimmed its growth forecast for the UK economy to 1.3% for 2019 and 2020 from 1.5% and 1.6%, respectively, citing concerns over global economic slowdown as well as no-deal Brexit.
BoJ minutes: Officials split over further easing of monetary policy
Minutes of the Bank of Japan’s (BoJ) June monetary policy meeting indicated that the policymakers ruled out prospect for further easing of monetary policy, with one of its members was of the opinion that the central bank should direct its policy decision towards maintaining price stability target in order to overcome deflation.
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