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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE cuts its key interest rate to limit the economic fallout from the Covid-19 pandemic
The BoE, in a surprise move, lowered its benchmark interest rate by 15bps to 0.10% and announced that it would make additional bond purchases worth £200.0 billion, in an effort to offset the economic impact of the Covid-19 pandemic. Further, the central bank indicated that it would keep under review the case for participating in the primary market, suggesting it could eventually buy bonds from the government or companies directly rather than on secondary markets as it does now.
Euro-zone construction output advanced in February
In the Euro-zone, construction output recorded a rise of 3.61% on a MoM basis in January, compared to a revised fall of 1.82% in the previous month.
German Ifo business climate index declined in March
In Germany, the Ifo business climate index unexpectedly rose to a level of 87.70 in March, compared to a revised level of 96.00 in the previous month.
German Ifo business expectations index fell in March
In Germany, the Ifo business expectations index registered a drop to a level of 82.00 in March, compared to a revised level of 93.20 in the previous month.
US Philadelphia Fed manufacturing index fell in March
In the US, Philadelphia Fed manufacturing index registered a drop to a level of 12.7 in March, compared to market expectations of a fall to a level of 10.00. In the prior month, index had registered to a reading of 36.70.
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