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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB kept its key interest rate unchanged
The ECB, in its latest monetary policy meeting, kept its benchmark interest rate unchanged at 0%, as widely expected. Further, the ECB also maintained the current pace of its emergency stimulus measures and reiterated that it stands ready to make adjustments to its policies when needed. Moreover, the central bank revised up its growth forecast for 2020 and now expects the country’s gross domestic product to drop by 8% this year, from a June estimate of -8.7%.
ECB’s Lagarde presents view on growth, euro strength
ECB President, Christine Lagarde, in her speech, discussed the appreciation in the euro and indicated that the central bank would “carefully monitor” exchange rate movement going forward. Lagarde stated that the strength of the recovery remained uncertain, as it continued to be highly dependent on the future evolution of the pandemic and the success of containment policies.
US PPI rose slightly more than expected in August
In the US, the PPI rose 0.30% on a MoM basis in August, compared to a rise of 0.60% in the previous month. Markets were expecting the PPI to record a rise of 0.20%.
US initial jobless claims remained steady in the week ended 4 September 2020
In the US, the number of initial jobless claims unexpectedly remained unchanged at 884.00 K on a weekly basis in the week ended 4 September 2020. Market expectations were for the seasonally adjusted number of initial jobless claims to drop to a level of 846.00 K.
Japan PPI climbed in August
In Japan, the PPI increased 0.20% on a MoM basis in August, in line with market forecast and compared to an advance of 0.60% in the prior month.
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