The European Central Bank is set to announce its key interest rates later today. It is widely expected to lower the key refi rate by a quarter point at its meeting in the Slovak capital of Bratislava.
At 2.30 am ET, Sweden's manufacturing PMI is due. The index is forecast to fall to 51 in April from 52.1 in March.
At 3.00 am ET, Purchasing Managers' survey results are due from Hungary, Turkey and Poland.
Half an hour later, the Swiss SVME is scheduled to issue April PMI data. The index is forecast to rise to 49 in April from 48.3 in March.
Thereafter, final manufacturing PMI data is due from France, Germany and Eurozone. The final Eurozone PMI, due at 4.00 am ET, is expected to match the flash estimate of 46.5 in April.
At 4.30 am ET, the U.K. CIPS/Markit construction PMI is due. Economists forecast the indicator to rise to 48 in April from 47.2 in March.
At 7.00 am ET, the Czech central bank is scheduled to announce its key interest rate.
At 7.45 am ET, the ECB is set to announce its rate decision. It is expected to announce a reduction in the main refinancing rate, or the refi, by a quarter-basis point to 0.5 percent.
The bank is, however, expected to leave the deposit rate that is already at zero, untouched. The marginal lending facility rate is also likely to be held steady at 1.50 percent.
ECB President Mario Draghi will hold a press conference at 8.30 am ET. Economists think a reduction in rates without accompanying efforts to boost bank lending is unlikely to make much difference at this juncture.
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