European Economics News Preview: ECB, BoE Monetary Policy Announcements Due

The monetary policy announcements from the European Central Bank, the Bank of England and the Swiss National Bank are the top economic news due on Thursday.

At 2.00 am ET, the European Automobile Manufacturers’ Association releases Europe’s new passenger car registrations data for November. Registrations had increased 12.2 percent in October.

In the meantime, wholesale prices and manufacturing employment from Germany are due.

At 2.45 am ET, France’s Insee publishes final consumer and harmonized prices and business confidence survey results. The statistical office is expected to confirm consumer price inflation at 6.2 percent in November and also in line with October.

At 3.30 am ET, the Swiss National Bank announces its monetary policy announcement. The central bank is set to lift the benchmark rate by 50 basis points, softening its pace from 75 basis points action at the previous quarterly meeting in September. This would mark the third consecutive increase.

Later today, the Bank of England is forecast to shift the gear down on interest rate hikes as the economy enters a ‘prolonged’ recession. Markets have penciled in a 50 bps rate hike to 3.50 percent, after the central bank delivered a 75 bps increase in November. The decision is due at 7.00 am ET.

The European Central Bank is also expected to slow the pace of its interest rate hikes to 50 basis points, taking cue from its peers. The interest rate announcement is due at 08.15 am ET.

The ECB chief is set to hold the customary post-decision press conference at 08:45 am ET.

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