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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK retail sales unexpectedly rose in October
In the UK, retail sales unexpectedly rose 0.60% on a MoM basis in October, compared to a revised drop of 1.50% in the prior month. Markets were expecting retail sales to record a flat reading.
Christine Lagarde signalled for further interest rates hikes
European Central Bank (ECB) President, Christine Lagarde stated that the central bank may have to raise its interest rates beyond withdrawing stimulus and to levels that limit economic expansion in order to reduce inflation.
US existing home sales dropped more than anticipated in October
In the US, existing home sales fell 5.90% on a MoM basis in October, compared to a drop of 1.50% in the previous month. Market anticipations were for existing home sales to fall 0.10%.
PBOC keeps its key interest rate unchanged
The People’s Bank of China (PBOC) kept its benchmark lending rate unchanged for the third straight month at 3.65%.
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