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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK manufacturing PMI unexpectedly climbed in October
In the UK, the manufacturing PMI unexpectedly rose to 57.70 in October, compared to a level of 57.10 in the prior month. Markets were expecting the manufacturing PMI index to drop to a level of 55.80.
Euro-zone manufacturing PMI dropped less than expected in October
In the Euro-zone, the manufacturing PMI fell to a level of 58.50 in October, compared to a reading of 58.60 in the prior month. Markets were expecting the manufacturing PMI index to fall to a level of 57.00.
Germany manufacturing PMI declined less than anticipated in October
In Germany, the manufacturing PMI fell to 58.20 in October, compared to a reading of 58.40 in the previous month. Markets were expecting the manufacturing PMI to drop to a level of 56.50.
Fed Chairman says inflation would remain elevated into next year
US Federal Reserve (Fed) Chairman, Jerome Powell, indicated that the central bank would begin tapering its monthly asset purchases, given the economy is recovering and inflation is rising. He warned that high inflation is likely to remain into the next year.
US manufacturing PMI fell more than market forecast in October
In the US, the manufacturing PMI dropped to 59.20 in October, compared to a level of 60.70 in the prior month. Markets were expecting the manufacturing PMI to fall to a level of 60.30.
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