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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE keeps interest rate unchanged
The BoE, in its latest monetary policy meeting, unanimously kept its benchmark interest rate unchanged at 0.10% and maintained the quantitative easing at £645.00 billion. Further, the BoE indicated that there is a risk of longer-term damage to the economy, especially if there are business failures on a large scale or significant increases in unemployment, due to Covid-19 pandemic.
UK retail sales unexpectedly dropped in February
In the UK, retail sales recorded a drop of 0.30% on a MoM basis in February, lower than market expectations for a rise of 0.20%. In the previous month, retail sales had climbed by a revised 1.10%.
German consumer confidence index dropped in April
In Germany, the consumer confidence index dropped to a level of 2.70 in April, compared to a revised to a reading of 8.30 in the previous month. Market expectations were for the index to fall to a level of 7.10.
US annualized GDP rose as expected in 4Q 2019
In the US, the final annualised gross domestic product (GDP) registered a rise of 2.10% on a QoQ basis in 4Q 2019, at par with market expectations for an advance of 2.10%. The annualised GDP had registered a rise of 2.10% in the previous quarter.
US initial jobless claims climbed in the last week
In the US, the seasonally adjusted number of initial jobless claims climbed to a level of 3283.00 K in week ended 21 March 2020, compared to market expectations of an advance to a level of 1000.00 K. In the previous week, number of initial jobless claims had recorded a revised to level of 282.00 K.
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