The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB warns of a sharp contraction in the Euro-zone economy
The European Central Bank (ECB), in its latest economic bulletin, indicated that the region’s economy could fall between 5.0% to 12.0% this year. Further, the central bank stated that extremely low oil prices are having a negative impact on the Euro area inflation, while adding that inflationary pressure can decrease further on the back of the low oil prices and weak demand amid the COVID-19 outbreak.
German CPI dropped in April
In Germany, the final consumer price index (CPI) eased 0.90% on a YoY basis in April, compared to a rise of 1.40% in the previous month. Markets were expecting the CPI to record an advance of 0.80%.
US initial jobless claims dropped last week
In the US, the seasonally adjusted number of initial jobless claims fell to a level of 2981.00 K in the week ended 09 May 2020, compared to a revised level of 3176.00 K in previous week. Markets were anticipating number of initial jobless claims to drop to a level of 2500.00 K.
Chinese industrial production climbed in April
In China, industrial production climbed 3.90% on a YoY basis in April, compared to a fall of 1.10% in the previous month. Markets were expecting industrial production to record an advance of 1.50%.
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