Guardian Stockbrokers Key Economic News Monday 6 July 2020

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

UK services PMI rose in June

In the UK, the final services PMI jumped to a reading of 47.10 in June, compared to a level of 29.00 in the previous month. Markets were anticipating the services PMI to advance to a level of 47.00.

Christine Lagarde: Euro-zone to face disinflation as coronavirus crisis transforms economy

European Central Bank President, Christine Lagarde, announced that the Euro-zone faces about two years of downward pressure on prices, but could see a turnaround as the coronavirus crisis will accelerate the transformation of the economy. Further, she stated that the central bank will need to keep its monetary policy exceptionally loose and financial instruments will need to be developed that allow the economic transformation to be funded.

Euro-zone services PMI advanced in June

In the Euro-zone, the final services PMI climbed to a level of 48.30 in June, compared to a reading of 30.50 in the previous month. Market consensus for services PMI was to rise to 47.30.

German services PMI climbed in June

In Germany, the final services PMI registered a rise to a level of 47.30 in June, compared to a level of 32.60 in the previous month. Markets were expecting the services PMI to climb to a level of 45.80.

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