European Economics Preview: BoE, ECB Policy Announcements Due

12:56, 14th December 2017

(RTTNews) - Monetary policy announcements from the Bank of England, the European Central Bank and the Swiss National Bank are due on Thursday, headlining a busy day for the European economic news.

At 2.00 am ET, the European Automobile Manufacturers' Association releases passenger car registrations data.

Also, Statistics Finland releases consumer prices data for November. Prices had advanced 0.5 percent on year in October. In the meantime, Sweden AMV unemployment data is due.

At 2.45 am ET, the French statistical office Insee is slated to issue final consumer prices for November. Inflation is seen at 1.2 percent, in line with preliminary estimate.

At 3.00 am ET, IHS Markit publishes France's flash PMI data. The composite PMI is seen falling to 59.6 in December from 60.3 in November.

Also, Spain's INE issues final CPI figures. Economists forecast inflation to match the flash estimate of 1.6 percent in Nobember.

Half an hour later, the Swiss National Bank announces its interest rate decision. The bank is expected to keep the rate on sight deposits at the SNB at -0.75 percent and the target range for the three-month Libor between -1.25 percent and -0.25 percent.

In the meantime, Germany's flash PMI data is due. The composite PMI is forecast to drop marginally to 57.2 in December from 57.3 in November.

At 4.00 am ET, Eurozone composite PMI is due. The index is seen at 57.2 in December versus 57.5 in November.

In the meantime, Norges Bank announces its interest rate decision. The bank is expected to keep its key rate unchanged at 0.50 percent.

At 4.30 am ET, the Office for National Statistics is scheduled to release UK retail sales for November. Economists forecast retail sales to grow 0.4 percent on month in November, slightly faster than the 0.3 percent increase seen in October.

At 6.00 am ET, Turkey's central bank announces its rate decision. The bank is expected to retain its benchmark rate at 8.00 percent.

At 7.00 am ET, the Bank of England is set to publish the decision of monetary policy committee and the minutes of the meeting. The bank is widely forecast to hold the bank rate at 0.50 percent and the asset purchase programme at GBP 435 billion.

At 7.45 am ET, the European Central Bank announces its rate decision. The main refi rate is expected to be retained at a record low zero percent and the deposit rate at -0.40 percent. The marginal lending facility rate is forecast to remain at 0.25 percent.

At 8.30 am ET, ECB President Mario Draghi is scheduled to hold his customary post-decision press conference.

Draghi is set to unveil the latest ECB staff macroeconomic projections that will include the first round of forecasts for 2020.