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Guardian Stockbrokers Key Economic News Thursday 7 January 2021

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The key points from today’s economic news, brought to you by Guardian Stockbrokers.

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UK services PMI rose less than anticipated in December

In the UK, the final services PMI rose to a level of 49.40 in December, compared to a level of 47.60 in the prior month. Markets were expecting the services PMI to record a rise to 49.90.

Euro-zone services PMI climbed less than expected in December

In the Euro-zone, the final services PMI recorded a rise to 46.40 in December, compared to a level of 41.70 in the prior month. Markets were expecting the services PMI to record an advance to 47.30.

German services PMI rose less than estimated in December

In Germany, the final services PMI climbed to a level of 47.00 in December, compared to a level of 46.00 in the prior month. Markets were expecting the services PMI to record a rise to 47.50.

US Markit services PMI dropped more than expected in December

In the US, the final Markit services PMI eased to a level of 54.80 in December, compared to a reading of 58.40 in the previous month. Markets were expecting the Markit services PMI to record a drop to a level of 55.30.

FOMC minutes: Fed officials backed bond buying pace

Minutes of the US Federal Reserve’s (Fed) December monetary policy meeting revealed that policymakers favoured to continue asset purchases at least at the current pace with some open to “future adjustments” if needed. Members saw increased challenges for the economy in the coming months due a surge in the coronavirus cases and reduced spending. However, officials indicated that positive news related to vaccine development helped strengthen the medium-term outlook for household spending.

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