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Morning briefing: ECB keeps key interest rate unchanged at record low

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(Photo Credit: Peter Parks/AFP/Getty Images)

1. The governing council of the European Central Bank, meeting in Frankfurt, Germany, announced that it would keep its key lending rate unchanged at a record low of 1 percent.

2. The euro zone economies grew at 1 percent in the April-June quarter thanks to stronger exports, the official statistics agency Eurostat reported. The Germany economy grew 2.2 percent, the United Kingdom 1.2 percent, France 0.6 percent, and Spain 0.2 percent. The only economy to shrink during that period was Greece, which contracted 1.5 percent.

3. Auto sales in China jumped 56 percent in August over a year earlier. The upbeat numbers in China were in sharp contrast to U.S. sales, which had their worst August in 28 years.

By Ariana Eunjung Cha  |  September 2, 2010; 8:21 AM ET
Categories:  *Morning briefing  
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