Financial News: European Economic News Preview: BoE To Cut Interest

European Economic News Preview: BoE To Cut Interest Rate

11/07/2024 - 02:00:00 (RTTNews)

(RTTNews) - The Bank of England is set to lower its benchmark rate by a quarter-point on Thursday but uncertainty over the future policy easing escalated after Donald Trump won the US presidential election.

At the end of two-day policy meeting, the Monetary Policy Committee of the BoE is expected to lower the bank rate to 4.75 percent from 5.00 percent.

Retail sales from the euro area and industrial production and foreign trade from Germany are the other major economic reports due on Thursday.

At 2.00 am ET, Destatis is scheduled to issue Germany's industrial output and external trade figures. Production is expected to fall 1.1 percent on month in September after a 2.9 percent gain in August. Germany's exports are forecast to fall 1.4 percent and imports to drop 0.4 percent in September.

In the meantime, UK Halifax house price data is due. House prices are forecast to grow 0.2 percent on month in October after a 0.3 percent rise seen in September. At 3.00 am ET, industrial output data is due from Spain. Industrial production is expected to grow 0.2 percent on year in September, reversing a 0.1 percent fall in August.

At 3.30 am ET, S&P Global publishes Germany's construction PMI data.

At 5.00 am ET, Eurostat releases euro area retail sales figures for September. Economists expect sales to grow 0.4 percent on month after a 0.2 percent rise in August.

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