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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
German factory orders unexpectedly slid in December
In Germany, the seasonally adjusted factory orders unexpectedly dropped 2.10% on a MoM basis in December. In the prior month, factory orders had registered a revised drop of 0.80%.
US initial jobless claims eased in the last week
In the US, the seasonally adjusted initial jobless claims registered a drop to a level of 202.00 K in the week ended 01 February 2020, compared to a revised reading of 217.00 K in the previous week. Market anticipation was for initial jobless claims to drop to a level of 215.00 K.
RBA trims its near-term growth outlook
The Reserve Bank of Australia (RBA), at its latest quarterly economic outlook, lowered its near-term growth forecast for the Australian economy and warned that the economy is facing a “soft patch” due to the bushfires, drought and the coronavirus outbreak in China but expects a rapid recovery later in the year. Further, the RBA Governor, Philip Lowe, stated that the central bank would consider quantitative easing and purchasing of assets through balance sheet expansion only when the cash rate eases to 0.25%.
Australian AiG performance of services index eased in January
In Australia, the AiG performance of services index dropped to a level of 47.40 in January. The index had recorded to a reading of 48.70 in the previous month.
Japanese leading economic index unexpectedly advanced in December
In Japan, the preliminary leading economic index registered an unexpected rise to a level of 91.60 in December, compared to market expectations of a steady reading. The index had registered to a reading of 90.80 in the prior month.
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