Posted on: 06-08-2021 in News
Good day, this is the Holborn market recap. Let’s take a look at this week’s news in finance.
News in finance: In eurozone’s financial updates, German retail sales rose by 4.2% on a monthly basis in June. Analysts had been expecting a figure close to 2%. The survey published by Destatis showed that department stores benefitted from the easing of COVID-19 restrictions.
News in finance: The Reserve Bank of Australia (RBA) announced that it would keep its benchmark interest rate on hold. the RBA’s governing board noted in its post-meeting report that the recent COVID-19 outbreaks have been interrupting Australia’s economic recovery.
News in finance: In eurozone’s financial updates, Eurostat reported that retail sales in the bloc grew by 5% on a year-to-year basis in June, surpassing economists’ expectations.
In the US, July’s Services PMI published by the Institute for Supply Management (ISM) hit 64.1 with the economic activity growing for the 14th month in a row.
News in finance: The Bank of England’s (BoE) monetary policy committee decided to keep interest rates unchanged, in line with economists’ forecasts. The accompanying report said that “CPI inflation has risen markedly, to above the monetary policy committee’s target of 2%, and is projected to rise temporarily to 4% in the near term.”
News in finance: The Halifax House Price Index surged by 7.6% in the three months to July, 1.2% less than the figure anticipated by market analysts.
In the US, July’s Nonfarm Payrolls figure surprised on the upside as the country’s economy gained 943,000 jobs, according to data released by the Bureau of Labour Statistics. Moreover, the unemployment rate has dropped to 5.4% beating expectations. Wage growth also accelerated from 3.6% to 4% in July on an annualised basis.
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