Financial News: European Economic News Preview: Bank Of England Set

European Economic News Preview: Bank Of England Set To Hold Rate

11/02/2023 - 01:46:00 (RTTNews)

(RTTNews) - The monetary policy announcement from the Bank of England is the major event due on Thursday, headlining a hectic day for the European economic news.

The BoE is widely expected to keep the bank rate unchanged for the second straight meeting. The current 5.25 percent is the highest since early 2008. The statement is due at 8.00 am ET.

On Wednesday, the US Federal Reserve maintained the benchmark rate for the second consecutive meeting and kept the door open for further increases. Fed Chair Jerome Powell said he would not rule out another interest rate hike at the next meeting in December.

Other major economic reports due on Thursday are final manufacturing Purchasing Managers' survey results and unemployment from Germany.

At 3.30 am ET, the Swiss Federal Statistical Office releases consumer prices for October. Inflation is forecast to remain unchanged at 1.7 percent. At 4.15 am ET, manufacturing PMI data is due from Spain. The index is forecast to fall to 47.0 in October from 47.7 in September.

At 4.45 am ET, Italy HCOB factory PMI data is due. The PMI is seen at 46.2 in October, down from 46.8 in September.

Thereafter, final PMI survey results are due from France at 4.50 am ET. The initial estimate showed that the index slid to 42.6 from 44.2 in September.

At 4.55 am ET, S&P Global publishes Germany's final PMI survey report. The factory PMI is expected to climb to a five-month high of 40.7, as initially estimated, from 39.6 a month ago.

In the meantime, Germany unemployment data is due. The jobless rate is forecast to rise to 5.8 percent in October from 5.7 percent in September.

At 5.00 am ET, Eurozone final factory PMI is due. The manufacturing PMI is seen at 43.0 in October, in line with flash estimate, and down from 43.4 in September.

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