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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK GDP rose less than expected in August
In the UK, the gross domestic product (GDP) advanced 0.40% on a MoM basis in August, compared to a revised drop of 0.10% in the prior month. Markets were expecting the GDP to record a rise of 0.50%.
UK manufacturing production unexpectedly climbed in August
In the UK, manufacturing production advanced 0.50% on a MoM basis in August, compared to a revised fall of 0.60% in the previous month. Markets were expecting the manufacturing production to record a flat reading of 0.00%.
Euro-zone’s industrial production dropped as expected in August
In the Euro-zone, the seasonally adjusted industrial production fell 1.60% on a MoM basis in August, in line with market expectations and compared to a revised rise of 1.40% in the previous month.
FOMC minutes: Fed says it could start ‘gradual tapering process’
Minutes of the US Fed September monetary policy meeting revealed that policymakers indicated that the central bank has come close to reaching its economic goals and soon could begin reducing the pace of its monthly asset purchases. In the tapering process, the Fed would reduce the $120 billion a month in bond buys slowly. Further, the central bank would start cutting $10 billion a month in Treasury and $5 billion a month in mortgage-backed securities. The target date to end the purchases without disruptions would be mid-2022.
US CPI rose more than expected in September
In the US, the CPI advanced 5.40% on a YoY basis in September, compared to a rise of 5.30% in the previous month.
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