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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
Euro-zone CPI rose in February
In the Eurozone, the consumer price index (CPI) rose 1.2% on a YoY basis in February. In the prior month, the CPI had recorded a rise of 1.4%.
US housing starts declined in February
In the US, housing starts fell 1.50% to an annual rate of 1.6 million units in February, compared to a revised to an increase of 1.62 million units in the previous month. Markets were anticipating housing starts to fall by 1.5 million units.
US mortgage applications dropped in the last week
In the US, the MBA mortgage applications dropped 8.4% on a weekly basis in the week ended 13 March 2020, compared to a rise of 55.4% in the previous week.
BoJ minutes: Officials hinted of recession risk
Minutes of the Bank of Japan’s (BoJ) latest monetary policy meeting indicated that the majority board members agreed that it was appropriate to continue with the current monetary easing policy, in wake of the coronavirus outbreak. However, one official suggested that negative rate could affect investor sentiment by making households, firms more pessimistic about economic outlook. Meanwhile, a policymaker signalled that the central bank must brace for the risk of another recession by strengthening cooperation with the government’s fiscal policy.
RBA cuts key interest rate amid Covid-19 pandemic concerns
The Reserve Bank of Australia (RBA), in its latest monetary policy meeting, lowered its official cash rate by 25 basis points to 0.25% to curb the economic impact of the Covid-19 pandemic. Further, the central bank stated that it would purchase government bonds in the secondary market and keep the yield on 3-year bonds at around 0.25%.
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