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European Economic News Preview: BoE Likely To Cut Rates
(RTTNews) - The Bank of England is widely expected to cut its interest rates for the fifth time in a year to support the economy even as inflation continued to stay stubbornly above the target.
Markets anticipate a quarter-point cut, bringing the bank rate to 4.00 percent, which will be the lowest since early 2023.
The bank has shifted its focus on supporting the economy as it faces challenges from the labor market, geopolitical tensions and tariff uncertainty. The BoE is set to announce its decision at 7.00 AM ET. The bank will also publish its quarterly monetary policy report along with the policy statement.
Other major economic reports due for the day are industrial production from Germany and house prices from the UK.
At 2.00 am ET, Destatis publishes Germany's industrial production and foreign trade figures. Industrial output is forecast to fall 0.4 percent month-on-month in June, in contrast to the 1.2 percent rise in May. Economists expect exports to grow 0.5 percent and imports to rise 1.0 percent in June.
In the meantime, UK Halifax house price data is due. Economists expect house prices to grow 0.1 percent on a monthly basis in July after remaining flat in June.
At 2.45 am ET, France foreign trade and current account figures are due. The trade deficit is forecast to narrow to EUR 7.5 billion in June from EUR 7.8 billion in May. At 3.00 am ET, unemployment data is due from Switzerland. The jobless rate is seen rising to 2.9 percent in July from 2.7 percent in June.
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