European Economic News Preview: BoE & SNB To Raise Key Rates
(RTTNews) - The Bank of England and the Swiss National Bank are widely expected to make a final quarter-point rate hike after the US Federal Reserve decided to keep the benchmark rate unchanged on Wednesday.
The Bank of England is set to end its tightening cycle with a final quarter point rate hike on Thursday as inflation slowed to an 18-month low in August. Markets expect policymakers to lift the bank rate to 5.50 percent in a three-way split vote. The announcement is due at 7.00 AM ET.
The Swiss National Bank is also likely to raise its benchmark rate by 25 basis points to 2.00 percent. The SNB has raised its rate over the last five consecutive meetings. The SNB announces its quarterly policy decision at 3.30 AM ET.
Sweden central bank as well as Norges Bank also publishes its monetary policy decision on Thursday. Both banks are forecast to lift the key interest rates by 25 basis points. Riksbank announces its decision at 3.30 am ET and Norges Bank releases the outcome of the meeting at 4.00 AM ET.
Other major economic reports due are public sector finances from the UK and business sentiment from France.
At 2.00 am ET, the Office for National Statistics releases public sector finance data for August. The budget deficit is forecast to widen to GBP 9.8 billion from GBP 3.48 billion in July.
At 2.45 am ET, France's statistical office INSEE publishes monthly business sentiment survey data. The business confidence index is forecast to rise to 97 in September from 96 in August.
At 10.00 am ET, the European Commission is set to release euro area consumer sentiment survey data. The confidence index is forecast to fall to -16.5 in September from -16.0 in August.
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