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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
OECD trims global growth outlook for 2019
The Organisation for Economic Co-operation and Development (OECD) projected a slowdown in the global growth to 3.5% from 3.7% in 2019, amid rising trade tensions and higher interest rates. Moreover, OECD cautioned that further tariffs on all Chinese imports by the US would slash the world economic growth to nearly 3.0% in 2020. Meanwhile, OECD raised its UK growth forecast to 1.4% from 1.3% for 2019, while kept its US growth outlook unchanged for 2019 and 2020.
UK public sector net borrowing reported a deficit in October
In the UK, the public sector net borrowing has posted a deficit £7.96 billion in October, as compared to a deficit of £1.98 billion in the prior month. Market anticipation was for public sector net borrowing to announce a deficit of £5.35 billion.
US existing home sales rose in October
The US existing home sales rose 1.40%, on monthly basis, to a level of 5.22 million in October, compared to market expectations of 5.20 million. In the previous month, existing home sales had recorded a level of 5.15 million.
US Reuters/Michigan consumer sentiment index dropped in November
The final Reuters/Michigan consumer sentiment index in the US registered a drop to a level of 97.50 in November, lower than market expectations of a fall to a level of 98.30. The index had registered a level of 98.60 in the previous month.
US initial jobless claims unexpectedly advanced in the last week
The seasonally adjusted initial jobless claims in the US surprisingly rose to 224.00 K in the week ended 17 November 2018, compared to a revised reading of 221.00 K in the prior week. Market expectation was for initial jobless claims to fall to a level of 215.00 K.
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