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

European Economic News Preview: Bank Of England Likely To Hold Rates

12/19/2024 - 00:37:00 (RTTNews)

(RTTNews) - The Bank of England is set to hold its bank rate on Thursday after easing the policy twice this year, as inflation remains above the 2 percent target and wage growth strengthened unexpectedly.

The Monetary Policy Committee is forecast to leave the interest rate at 4.75 percent. The bank had reduced the rate by quarter-point each in November and August. The announcement is due at 7.00 AM ET.

Consumer sentiment from Germany and business confidence survey results from France are the other major economic reports due on Thursday. The monetary policy announcements from Sweden and Norway are also due today.

At 2.00 am ET, the market research group GfK publishes consumer sentiment survey results. The forward-looking index is seen at -22.6 in January, up from -23.3 in December.

At 2.45 am ET, France's statistical office INSEE is slated to release business confidence survey data. Economists forecast the business sentiment index to fall to 96 in December from 97 in November.

At 3.30 am ET, Sweden's central bank announces its interest rate decision. Markets expect the bank to cuts benchmark rate by 25 basis points to 2.50 percent.

At 4.00 am ET, the European Central Bank publishes euro area current account. The current account surplus is expected to fall to EUR 33.5 billion in October from EUR 37.0 billion in September.

In the meantime, Norges Bank announces its policy decision. The bank is widely expected to leave the key rate at 4.50 percent.

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