The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Bank of England held its benchmark interest rate, moves closer to August interest rate hike
The Bank of England (BoE), in its June monetary policy meeting, voted 6-3 to keep its key interest rate unchanged at 0.50%. The central bank’s Chief Economist, Andrew Haldane, joined two other long-term dissenters in voting to raise rates to 0.75%, indicating that an August interest rate hike is on table. Meanwhile, the central bank lowered its growth forecast for the UK economy for the current year as well as for 2019 and 2020.
UK public sector net borrowing reported a deficit in May
The public sector net borrowing in the UK has reported a deficit £3.40 billion in May, as compared to a revised deficit of £5.30 billion in the previous month. Market expectation was for public sector net borrowing to announce a deficit of £4.90 billion.
Euro-zone consumer confidence index dropped in June
The preliminary consumer confidence index in the Euro-zone dropped to -0.50 in June, compared to market expectations of a fall to a level of 0.00. In the prior month, the consumer confidence index had registered a level of 0.20.
US initial jobless claims declined in the last week
In the week ended 16 June 2018, the seasonally adjusted initial jobless claims in the US dropped to 218.00 K, compared to a revised level of 221.00 K in the prior week. Markets were expecting initial jobless claims to ease to a level of 220.00 K.
US housing price index advanced less than expected in April
In April, the housing price index advanced 0.10% in the US, on a monthly basis, lower than market expectations for a rise of 0.50%. The housing price index had climbed by a revised 0.20% in the prior month.
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