Guardian Stockbrokers Key Economic News Thursday 11 July 2019

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The key points from today’s economic news, brought to you by Guardian Stockbrokers.

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UK GDP advanced more than expected in the March-May 2019 period

In the UK, gross domestic product (GDP) recorded a rise of 0.30% on a MoM basis in the March-May 2019 period, higher than market expectations for an advance of 0.10%. In the February-April 2019 period, GDP had advanced by a revised 0.40%.

UK manufacturing production advanced less than expected in May

In the UK, manufacturing production advanced 1.40% on a MoM basis in May, compared to a revised drop of 4.20% in the previous month. Market anticipation was for manufacturing production to climb 2.20%.

UK industrial production rose less than expected in May

In the UK, industrial production advanced 0.90% on YoY basis in May, compared to a revised fall of 1.10% in the prior month. Markets were expecting industrial production to climb 1.20%.

FOMC minutes: Fed officials favour interest rate cut

Minutes of the US Fed’s June meeting signalled that policymakers backed the interest rate cut decision, amid rising global risks to the US economy even as price pressures remained muted. Moreover, the Fed Chairman, Jerome Powell, strongly hinted at a potential rate cut later this month, citing unresolved trade tensions and worries over the weakness of the global outlook

BoC keeps key interest rate unchanged

The Bank of Canada (BoC), in its July monetary policy meeting, left its interest rate steady at 1.75%, as widely expected and raised its growth forecast for the second quarter. Further, the central bank indicated that ongoing trade tensions are having a material effect on the global economic outlook.

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