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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
OECD trims its global growth outlook for 2019 and 2020
The Organisation for Economic Cooperation and Development (OECD) forecasted a slowdown in the global growth to 2.9% and 3.0% for 2019 and 2020, respectively, amid US-China trade war and Brexit chaos. Further, OECD lowered its growth forecast for the US and China to 2.4% and 6.1%, respectively, for 2019, while predicted a slowdown in the British economic growth to 1.0% in 2019. Also, the OECD warned that a no-deal Brexit might push UK into recession in 2020 and considerably reduce growth in the Europe.
BoE keeps interest rates steady, warns over Brexit uncertainty
The BoE’s Monetary Policy Committee voted unanimously to retain the benchmark interest rate unchanged at 0.75%. In an accompanying statement, the central bank signalled that leaving the European Union without a deal would slowdown nation’s economic growth and raise prices. Further, the central bank lowered its third quarter growth forecast for the UK economy to 0.20% from prior estimates of 0.30% and projected that the inflation would stay below its 2.0% target.
UK retail sales dropped in August
In the UK, retail sales registered a drop of 0.20% on a MoM basis in August. In the prior month, retail sales had registered a revised rise of 0.40%.
Euro-zone current account surplus rose in July
In the Euro-zone, the seasonally adjusted current account surplus of €21.00 billion in July, following a surplus of €18.40 billion in the previous month. Markets were anticipating a current account surplus of €27.30 billion.
US existing home sales unexpectedly advanced in August
In the US, existing home sales unexpectedly advanced by to a level of 5.49 million on a MoM basis in August, compared to market expectations of 5.37 million. Existing home sales had registered a level of 5.42 million in the previous month.
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