world economic news

World Economic News – Friday 22/07/2022

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GERMANY

Germany’s Purchasing Managers’ Index (PMI) Composite Output Index reached its lowest level in 25 months and landed at 48.0, S&P Global stated in its report issued on Friday. The Services PMI Activity Index stood at 49.2, a 7-month low. The Manufacturing Output Index fell to 45.4, its 26-month low, while the Manufacturing PMI decreased to 49.2, the 25-month low.

AUSTRALIA

The Flash Australian Purchasing Managers’ Index (PMI) Composite Output Index, came at 50.6, S&P Global revealed on Friday. The Flash Australian Services PMI Activity Index dropped to a monthly level of 50.4, marking a six-month low. The country’s Flash Manufacturing Output Indexwas unchanged from the last month’s reading (52.1).

EUROZONE

The European Central Bank raised its 3 key interest rates by 50bps on Thursday, the first increase since 2011, ending eight years of negative rates. The main refinancing rate is now at 0.5%, the marginal lending facility at 0.75% and the deposit facility one at 0.00%.

US

Labor Department released a report on Thursday showING initial jobless claims crept up to 251,000, an increase of 7,000 from the previous week’s unrevised level of 244,000. The uptick surprised economists, who had expected jobless claims to edge down to 240,000.