European Economic News Preview: Bank Of England To Cut Interest Rate
(RTTNews) - The Bank of England is set to cut its benchmark interest rate by a quarter-point on Thursday, to cope with the economic slowdown triggered by trade tariffs.
The Monetary Policy Committee is expected to reduce the Bank Rate to 4.25 percent from 4.50 percent.
The BoE had maintained its interest rate at its March meeting after reducing it three times since last year. The bank is also slated to publish its outlook for both inflation and economy for the first time since the announcement of trade tariff by the US administration in April.
Other major economic reports due on Thursday are industrial production and foreign trade from Germany and house prices from the UK.
At 2.00 am ET, Destatis publishes Germany's industrial production and foreign trade figures. Economists forecast industrial output to grow 0.9 percent on a monthly basis in March, reversing a 1.3 percent fall in February.
Germany's trade surplus is expected to rise to EUR 19.0 billion in March from EUR 17.7 billion in the previous month. Exports and imports are forecast to grow 1.0 percent and 0.4 percent, respectively.
At 3.00 am ET, Spain's statistical office INE releases industrial production for March.
At 3.30 am ET, Sweden's central bank announces its policy decision. The bank is expected to hold its policy rate at 2.25 percent.
Half an hour later, Norges Bank is set to issue its monetary policy report. Norges Bank is also forecast to leave its interest rate unchanged at 4.50 percent.
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