European Economics Preview: Bank Of England, ECB Policy Announcements Due

The monetary policy announcements from the Bank of England, the European Central Bank and the Swiss National Bank are due on Thursday, headlining a hectic day for the European economic news.

At 2.45 am ET, the French statistical office Insee releases business sentiment survey data. The confidence index is expected to remain unchanged at 109 in December.

At 3.15 am ET, IHS Markit releases France’s flash composite Purchasing Managers’ survey data. The composite index is seen at 55 in December, down from 56.1 in November.

At 3.30 am ET, Swiss National Bank announces its interest rate decision. The central bank is expected to retain the policy rate and interest on sight deposits at -0.75 percent.

In the meantime, Germany’s flash composite PMI data is due. Economists forecast the index to fall to 51.1 in December from 52.2 in November.

Half an hour later, IHS Markit is slated to issue Eurozone flash composite PMI survey results. The composite output index is expected to fall to 54.0 in December from 55.4 in the prior month.

Also, Norges Bank announces its interest rate decision at 4.00 am. The bank is forecast to lift its key rate to 0.50 percent from 0.25 percent.

At 4.30 am ET, UK Markit/CIPS flash composite PMI survey results are due. Economists expect the index to fall to 56.4 in December from 57.6 in November.

At 5.00 am ET, Eurostat is scheduled to issue euro area foreign trade data for October. The trade surplus is seen at EUR 7.6 billion versus EUR 7.3 billion in September.

At 6.00 am ET, Turkey’s central bank publishes the monetary policy decision. Economists forecast the bank to hold its one-week repo rate at 15.00 percent.

At 7.00 am ET, the Bank of England announces the outcome of its monetary policy committee meeting.

Despite high inflation and tight labor market conditions, economists expect the BoE to maintain status quo. The interest rate is expected to be kept unchanged at a record low 0.10 percent and the asset purchase programme at GBP 875 billion.

At 7.45 am ET, the European Central Bank is scheduled to release the decision of the governing council meeting. The bank is set to hold its deposit facility rate at -0.50 percent.

At 8.30 am ET, ECB President Christine Lagarde holds customary press conference in Frankfurt.

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