The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK mortgage approvals advanced more than expected in April
In the UK, the mortgage approvals rose to a level of 86.90 K in April, compared to a revised level of 83.40 K in the prior month. Markets were expecting the mortgage approvals to record a rise to a level of 84.97 K.
Euro-zone PPI rose more than expected in April
In the Euro-zone, the PPI advanced 7.60% on a YoY basis in April, compared to a rise of 4.30% in the prior month. Markets were expecting the index to record an advance of 7.30%.
German retail sales dropped more than expected in April
In Germany, retail sales declined by 5.50% on a MoM basis in April, compared to a rise of 7.70% in the prior month. Markets were expecting retail sales to record a drop of 2.00%.
Fed’s Beige Book: US economy grew at a ‘somewhat faster rate’
According to the US Federal Reserve’s (Fed) latest Beige Book report, the US economy expanded at a ‘moderate’ pace from early April to late May, faster than the prior reporting period, supported by increased vaccination rates and easing coronavirus restrictions.
US mortgage applications fell in the week ended 28 May 2021
In the US, the mortgage applications fell 4.00% on a weekly basis in the week ended 28 May 2021, compared to a drop of 4.20% in the prior week.
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