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

(RTTNews) - The Bank of England is expected to hold its benchmark rate on Thursday as policymakers await the Autumn Budget announcement.

Markets widely expect the BoE to maintain the bank rate at 4.00 percent in a split vote. The current rate is the lowest since early 2023. The policy decision is due at 7.00 am ET.

Recent data showed that consumer price inflation held steady at 3.8 percent in September and wage growth showed signs of easing. The monetary policy committee also await the outcome of the budget, to be announced on November 26.

Other major economic reports due for the day are industrial production and construction purchasing managers' survey results from Germany.

At 2.00 am ET, Destatis is scheduled to issue Germany's industrial production figures for September. Economists expect output to grow 3.0 percent month-on-month, in contrast to the 4.3 percent fall in August.

At 3.00 am ET, unemployment data is due from Switzerland. In the meantime, Spain's statistical office INE publishes industrial production figures.

Also, industrial production and foreign trade from the Czech Republic and wholesale prices from Austria are due.

At 3.30 am ET, S&P Global is slated to release Germany's construction PMI data. Economists expect the index to rise to 46.9 in October from 46.2 in the previous month.

At 4.00 am ET, Norway's central bank announces its monetary policy decision. The bank is likely to hold its key interest rate at 4.00 percent.

Half an hour later, UK S&P Global construction PMI data is due. The index is seen at 46.7 in October, up from 46.2 in the previous month.

At 5.00 am ET, Eurostat publishes euro area retail sales for September. Economists expect sales to grow 0.2 percent month-on-month, following a 0.1 percent rise in August.