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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE cut key interest rate, expanded stimulus
The Bank of England (BoE) slashed the benchmark interest rate for the first time since 2009 to a historic low of 0.25%. The central bank also announced that the asset purchase facility would be increased by £60 billion to £435 billion and the bank would commit to bond purchases of up to £10 billion. The BoE Governor, Mark Carney, indicated that there was scope to cut the interest rate further. Additionally, the central bank expects UK’s GDP to grow marginally in the second half of 2016, but the forecast for 2017 was cut sharply to 0.8% from 2.3%.
UK new car registrations recorded a rise in July
In July, on an annual basis, new car registrations registered a rise of 0.10% in the UK. In the previous month, new car registrations had recorded a drop of 0.80%.
Swiss SECO consumer climate remained steady in 3Q 2016
The SECO consumer climate remained flat at -15.00 in 3Q 2016, in Switzerland. Markets were anticipating the SECO consumer climate to fall to a level of -16.00.
US durable goods orders dropped less than expected in June
On a monthly basis, the final durable goods orders dropped 3.90% in the US, in June, lower than market expectations for a drop of 4.00%. The preliminary figures had indicated a fall of 4.00%. In the previous month, durable goods orders had recorded a revised drop of 2.80%.
US number of planned layoffs by US companies fell in July
In the US, the number of planned layoffs by US companies slid 57.10% on an annual basis, in July. In the prior month, the number of planned layoffs by US companies had dropped 14.10%.
US initial jobless claims advanced surprisingly in the last week
In the week ended 30 July 2016, the seasonally adjusted initial jobless claims climbed unexpectedly to 269.00 K in the US, compared to market expectations of a drop to a level of 265.00 K. Initial jobless claims had registered a reading of 266.00 K in the previous week.
US factory orders dropped less than expected in June
Factory orders in the US fell 1.50% on a MoM basis in June, less than market expectations for a drop of 1.90%. Factory orders had fallen by a revised 1.20% in the prior month.
US continuing jobless claims dropped in the last week
The seasonally adjusted continuing jobless claims in the US registered a drop to 2138.00 K in the week ended 23 July 2016, compared to a revised level of 2144.00 K in the previous week. Market expectation was for continuing jobless claims to drop to 2130.00 K.
Japanese foreign exchange reserves declined in July
In Japan, foreign exchange reserves fell to a level of $1264.80 billion in July, compared to a reading of $1265.40 billion in the previous month.
Japanese labour cash earnings advanced more than expected in June
In June, on a YoY basis, labour cash earnings in Japan climbed 1.30%, higher than market expectations for an advance of 0.30%. In the prior month, labour cash earnings had recorded a revised drop of 0.10%.
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