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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
German Ifo business climate index dropped in August
In Germany, the Ifo business climate index dropped to a level of 94.00 in August, compared to a revised reading of 95.80 in the previous month. Market anticipation was for the index to drop to a level of 95.10.
German Ifo business expectations index eased in August
In Germany, the Ifo business expectations index dropped to a level of 91.30 in August, lower than market expectations of a drop to a level of 91.80. The index had registered a revised reading of 92.10 in the prior month.
German Ifo current assessment index dropped in August
In Germany, the Ifo current assessment index registered a drop to a level of 91.30 in August, lower than market expectations of a drop to a level of 98.80. In the previous month, the index had recorded a revised level of 99.60.
Powell: Rising US-China trade tensions to affect economic slowdown
The US Federal Reserve (Fed) Chairman, Jerome Powell, in his speech at the Jackson Hole Symposium, stated that the global economic outlook “has been deteriorating” and there is no “rulebook” on trade wars. Additionally, he signalled that uncertainty arising from Trump’s trade policy and the escalating trade war between the US and China is contributing to the slowdown.
US durable goods orders rose more than expected in July
In the US, the preliminary durable goods orders registered a rise of 2.10% on a MoM basis in July, compared to an advance of 1.90% in the previous month. Market anticipation was for durable goods orders to advance 1.20%.
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