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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK retail sales remained steady in September
In the UK, retail sales remained steady on a MoM basis in September, compared to a revised drop of 0.30% in the prior month. Market expectation was for retail sales to advance 0.10%.
Euro-zone construction output declined less than expected in August
In the Euro-zone, the seasonally adjusted construction output registered a drop of 0.50% on a MoM basis in August, lower than market expectations for a drop of 0.80%. Construction output had dropped by a revised 0.20% in the previous month.
US housing starts fell in September
In the US, housing starts declined 9.40% to an annual rate of 1256.00 K, on a MoM basis in September, compared to a revised reading of 1386.00 K in the previous month. Market expectation was for housing starts to fall to 1320.00 K.
US industrial production declined more than expected in September
In the US, industrial production fell 0.40% a MoM basis in September, compared to a revised rise of 0.80% in the prior month. Market anticipation was for industrial production to fall 0.10%.
Philip Lowe: Rate cuts and tax cuts are supporting Australian economy
The Reserve Bank of Australia (RBA) Governor, Philip Lowe, stated the RBA’s rate cuts and government’s tax cuts have been effective, and are supporting the domestic economy and property market recovery. Further, he indicated the Australian economy is set to return to “trend growth” next year which will help get the unemployment rate down.
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