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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK manufacturing PMI climbed in June
In the UK, the final manufacturing PMI registered a rise to a level of 50.10 in June, meeting market expectations and compared to a reading of 40.70.
UK house prices unexpectedly dropped in June
In the UK, the non-seasonally adjusted house prices dropped 0.10% on a YoY basis in June, compared to a rise of 1.80% in the prior month. Markets were expecting house prices to record a rise of 1.00%.
Euro-zone manufacturing PMI advanced in June
In the Euro-zone, the final manufacturing PMI climbed to a level of 47.40 in June, compared to a reading of 39.40 in the prior month. Markets were anticipating the manufacturing PMI to climb to a level of 46.90.
FOMC minutes: Fed officials urges for clearer guidance on future policy
Minutes of the US Federal Reserve’s (Fed) June monetary policy meeting revealed that policymakers considered to continue with its loose monetary policy until the economy had weathered recent events. Further, officials noted that the current stance of monetary policy remained appropriate but stated that the Fed should strengthen the forward guidance for the path of the federal funds rate and provide more clarity regarding purchases of Treasury securities. The officials expressed that fears of a second wave of the novel coronavirus could send the US economy deeper into an unprecedented recession.
US ISM Markit manufacturing PMI climbed in June
In the US, the ISM manufacturing PMI rose to a level of 52.60 in June, compared to a level of 43.10 in the prior month. Markets were anticipating the manufacturing PMI to rise to 49.50.
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