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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK construction PMI unexpectedly advanced in September
In the UK, the construction PMI unexpectedly climbed to a level of 56.80 in September, compared to a reading of 54.60 in the previous month. Market expectations were for the construction PMI to fall to 54.00.
Christine Lagarde: ECB ready to add stimulus, cut rates to support European recovery
European Central Bank (ECB) President, Christine Lagarde, in her latest speech stated that the central bank is ready to inject fresh monetary stimulus to support the euro area’s economic recovery from the Covid-19 pandemic, including cutting a key interest rate further below zero. However, she warned that Europe’s economic recovery looks “a little bit more shaky” amid a second wave of coronavirus infections in countries like France and Spain. Lagarde stated that output would not return to pre-Covid levels until the end of 2022 and the major central banks would need to continue to provide stimulus to support government spending.
German factory orders climbed more than expected in August
In Germany, seasonally adjusted factory orders climbed 4.50% on a MoM basis in August, compared to a revised rise of 3.30% in the prior month. Markets were expecting factory orders to record a rise of 2.60%.
US trade deficit widened more than expected in August
In the US, trade deficit widened to $67.10 billion in August, compared to a revised trade deficit of $63.40 billion in the prior month. Market expectations were for the nation to record a trade deficit of $66.10 billion.
US JOLTs job openings dropped more than anticipated in August
In the US, the JOLTs job openings declined to a level of 6493.00 K in August, compared to a revised reading of 6697.00 K in the prior month. Market anticipations were for the JOLTs job openings to drop to a level of 6685.00 K.
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