The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK public sector net borrowing recorded a deficit in October
In the UK, the public sector net borrowing has reported a deficit of £10.51 billion in October, as compared to a revised deficit of £7.26 billion in the prior month. Market anticipation was for public sector net borrowing to report a deficit of £8.60 billion.
Euro-zone consumer confidence index climbed in November
In the Euro-zone, the flash consumer confidence index advanced to a level of -7.20 in November, compared to market expectations of an advance to a level of -7.30. In the previous month, the index had registered to a level of -7.60.
US existing home sales rose in October
In the US, existing home sales registered a rise to a level of 5.46 million on a MoM basis in October, lower than market expectations to a level of 5.47 million. Existing home sales had registered a revised to a reading of 5.36 million in the previous month.
US Philadelphia Fed manufacturing index advanced in November
In the US, Philadelphia Fed manufacturing index advanced to a level of 10.40 in November, compared to a level of 5.60 in the previous month. Market expectation was for Philadelphia Fed manufacturing index to advance to a level of 7.00.
OECD lowers its global growth outlook for 2020
The Organisation for Economic Cooperation and Development (OECD) forecasted the global economy to expand at its slowest pace in a decade by 2.9% for 2019 and lowered its global growth forecast for 2020 to 2.9% from its previous estimate of 3.0%, amid ongoing USChina trade war and Brexit chaos. Further, OECD lowered its growth forecast for the US economy to 2.3% in 2019 and 2.0% in 2020 and 2021. However, OECD expects Chinese economy to improve to 6.2% in 2019, while declining to 5.7% in 2020 and 5.5% in 2021. Also, the British economy will expand by 1.2% in 2019, slowing to 1.0% 2020 and improving to 1.2% 2021, amid growing possibilities of Britain leaving the bloc with a deal.
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