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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
German factory orders rose more than expected in June
In Germany, the seasonally adjusted factory orders recorded a rise of 2.50% on a MoM basis in June, compared to a revised fall of 2.00% in the previous month. Market expectation was for factory orders to climb 0.50%.
German construction PMI dropped in July
In Germany, the construction PMI fell to a level of 49.50 in July, compared to a reading of 50.00 in the previous month.
US job openings slid in June
In the US, job openings fell to a level of 7348.00 K in June, compared to a revised reading of 7384.00 K in the prior month. Market expectation was for JOLTs job openings to fall to a level of 7326.00 K.
Australian performance of construction index dropped in July
In Australia, the performance of construction index recorded a drop to a level of 39.10 in July, compared to a reading of 43.00 in the prior month.
RBNZ cuts OCR by 0.50%
The Reserve Bank of New Zealand (RBNZ), at its August monetary policy meeting, slashed its official cash rate (OCR) by 0.50% to 1.00%, higher than market expectations of a 0.25% rate cut, citing concerns over global economic slowdown and heightened uncertainty amid the ongoing trade war. The central bank stated that a lower OCR is necessary to continue to meet its employment and inflation objectives.
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