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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK CPI advanced as expected in September
In the UK, the consumer price index (CPI) advanced 0.50% on a YoY basis in September, in line with market expectations and compared to a rise of 0.20% in the previous month.
UK house price index advanced less than anticipated in August
In the UK, the house price index registered a rise of 2.50% on a YoY basis in August, compared to a revised rise of 2.10% in the prior month.
UK retail price index advanced less than expected in September
In the UK, the retail price index advanced 0.30% on a MoM basis in September, compared to a drop of 0.30% in the prior month. Market anticipations were for the retail price index to advance 0.40%.
Fed’s Beige Book: US economy growing at a ‘slight to modest pace’
According to the US Federal Reserve’s (Fed) latest Beige Book report, the US economy grew at a ‘slight to modest’ pace in the early fall, indicating that the economic recovery from the pandemic is slowing. The report indicated that the US economy’s rebound has shown some signs of slowing in recent weeks as fiscal stimulus passed in early spring has expired and Covid-19 cases have increased. Further, the Beige Book reported that employment increased but growth remained slow, with the labour market seen as tight by hiring firms.
US number of mortgage applications dropped in the week ended 16 October 2020
In the US, the number of mortgage applications eased 0.60% on a weekly basis in the week ended 16 October 2020, compared to a drop of 0.70% in the previous week.
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