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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK services PMI advanced in July
In the UK, the services PMI advanced to a level of 51.40 in July, compared to market expectations of a rise to a reading of 50.30. In the previous month, the services PMI had recorded a level of 50.20.
Euro-zone services PMI dropped in July
In the Euro-zone, the final services PMI recorded a drop to a level of 53.20 in July, compared to a reading of 53.60 in the prior month. Market anticipation was for services PMI to drop to a level of 53.30.
Euro-zone investor confidence index fell in August
In the Euro-zone, the investor confidence index dropped to a level of -13.70 in August, compared to a reading of -5.80 in the prior month. Markets were anticipating the index to drop to -7.00.
US ISM non-manufacturing PMI slid unexpectedly in July
In the US, the ISM non-manufacturing PMI fell unexpectedly to a level of 53.70 in July, lower than market expectations of an advance to 55.50. In the prior month, the non-manufacturing PMI had recorded a reading of 55.10.
RBA keeps its interest rate unchanged
The Reserve Bank of Australia (RBA), at its August monetary policy meeting, kept its interest rate steady at 1.00%, as widely expected, citing rising trade tensions between the US and China. Additionally, the central bank stated that the board will continue to closely monitor developments in the labour market and ease monetary policy further if needed to support sustainable growth in the economy and achieve the inflation target over time.
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